BCE Inc., Canada’s largest communications company, has entered into a definitive agreement under which its wholly owned subsidiary Bell Canada will sell a 49.9 percent stake in a newly formed wireless tower infrastructure company to global investment group La Caisse (Caisse de dépôt et placement du Québec) for $2.45 billion, subject to customary adjustments. The transaction values the new company, named TowerCo, at approximately $4.91 billion (US$3.5 billion).
TowerCo will own and operate Bell’s portfolio of wireless infrastructure assets, making it Canada’s largest dedicated tower company with more than 5,000 sites across the country. Headquartered in Montréal, the company will focus on growing the business through new site builds, site densification, and third-party colocation.
Bell will retain a 50.1 percent controlling equity interest in TowerCo, with La Caisse holding the remaining 49.9 percent. The new company is expected to carry no financial debt at closing, and its results will be consolidated by Bell into its financial statements. Bell will retain full ownership and control of its spectrum, all active network equipment, and owned land, and will maintain access to existing sites through long-term agreements. TowerCo will develop new sites for Bell as needed and will lease capacity on the transferred towers back to the carrier.
The transaction forms part of BCE’s long-term capital allocation strategy, with proceeds expected to support the company’s debt-reduction objectives and fund the growth of its AI-powered business. The deal follows a comparable 2025 transaction in which La Caisse acquired a 49.9 percent interest in TELUS Corp.’s wireless tower operator, Terrion, for approximately $1.26 billion.
“This partnership unlocks the significant value embedded in our infrastructure assets while continuing to operate the award-winning wireless network our customers rely on every day,” BCE and Bell Canada president and CEO Mirko Bibic said in a press release. “As we have consistently communicated since early 2025, our approach is to strengthen our balance sheet, invest in growth and deliver total returns to shareholders. This transaction is in keeping with that approach, and the proceeds will be used to execute against this very clear strategy.”
“A telecom tower can carry more than one network,” said Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse. “By making this infrastructure available to different service providers, we can strengthen coverage, improve overall system efficiency, hence helping more people access the connectivity they rely on every day. Bell's extensive footprint and La Caisse's global digital infrastructure expertise will give this new platform the focus and long-term perspective to grow.”
“At TowerCo, we’re building a dedicated team exclusively focused on the development, operation and long-term growth of premier wireless tower infrastructure across Canada,” said TowerCo CEO J. Bruce Furlong. “By partnering with La Caisse on a clear mandate, we are well positioned to grow this infrastructure portfolio and support future network deployment to provide the connectivity that matters most to Canadians."
On the legal side, Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal counsel to BCE and Bell. Stikeman Elliott LLP is acting as legal counsel to La Caisse. Citigroup Global Markets is serving as financial advisor to Bell, and TD Securities is acting as financial advisor to La Caisse, with financing provided by National Bank Financial Markets.
The transaction is expected to close in the first quarter of 2027, following receipt of regulatory approvals and the satisfaction of other customary closing conditions.
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