On September 11, 2025, TELUS Corp. closed its deal to sell a 49.9 percent interest in its newly created wireless tower company, Terrion, to La Caisse for approximately C$1.26 billion. Terrion, headquartered in Montréal, has taken ownership of about 3,000 passive macro cell tower sites spun off from TELUS' network operations. The transaction values Terrion at more than $2.5 billion, positioning it as Canada's largest dedicated wireless tower operator. TELUS retains a 50.1 percent stake and continues to control active network components and security systems. According to TELUS, the sale proceeds will be used to reduce its net debt, lowering its net debt-to-EBITDA ratio by an estimated 0.17 times, with the company targeting a ratio of 3.0x by 2027.
The new operator will lease tower capacity back to TELUS under an initial eight-year agreement with options to renew, while also offering wholesale access to other carriers in a move designed to boost competition and improve service across the country. The transaction complements La Caisse's existing portfolio of tower companies across the United States, Europe, and New Zealand. Industry veteran Eros "Woody" Spadotto leads Terrion as CEO. The company's assets span British Columbia, Alberta, Ontario, and Quebec, including coverage in six of Canada's seven largest metropolitan areas.
Stikeman Elliott LLP represented La Caisse with a team that included Pierre-Yves Leduc, Karine Bilodeau, Julien Robitaille-Rodriguez, Alexandre Di Pisa, Marc-Antoine Beauchamp, and Julien Simoneau (Corporate); Éric Lévesque and Antonin Lapointe (Tax); Miguel Manzano, Natalie Marach, Neil Shapiro, and Fannie Tremblay (Real Estate); Aude Godfroy and Xavier Foccroulle Ménard (Banking); Michael Kilby and Kevin Ackhurst (Antitrust); Charif El-Khouri, Antoine Métayer, and Karianne Tremblay (Employment); Philippe Levac (Benefits); Patrick Welsh and Alina Smirnova (Environment); David Elder (Regulatory); Joseph Reynaud and Hannah Lazare (Insolvency); and Rémi Leprévost (Litigation). National Bank Financial Markets assisted La Caisse on financing matters.
Osler, Hoskin & Harcourt LLP and Allen Overy Shearman Sterling LLP acted as legal counsel to TELUS. The Osler team consisted of Brett Anderson, Alex Gorka, Jeremy Wu, Shira Dveris, Jessica Redmond, Alexandra Alacchi, Douglass Dawson, and Jessie Armour (Corporate); Ted Liu and Alexia Magneron (Technology); Ryan Nielsen, Sandy Yeung, and Simon Laughlin (Real Estate); Patrick Marley, James Chang, Sean Timlick, and Alan Kenigsberg (Tax); Michelle Lally and Zach Rudge (Regulatory); Lynne Lacoursiere and Nick Guadagnolo (Executive Compensation); Damian Rigolo (Employment); Jon Marin (Pensions and Benefits); and Adam LaRoche and Erika Romanow (Privacy). TD Securities acted as TELUS' financial advisor.