La Caisse follows Telus deal with $2.45 billion Bell tower stake
The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and other conditions.
A familiar structure
In September 2025, Telus closed the sale of a 49.9% interest in its tower operator Terrion to La Caisse for about $1.26 billion, which valued Terrion at over $2.5 billion.
Telus kept majority ownership of Terrion, which has about 3,000 sites, and said the proceeds would reduce its net debt by $1.26 billion.
Bell will likewise retain a 50.1% controlling equity interest in TowerCo and consolidate its results, while TowerCo is expected to have no financial debt at closing.
The Montreal-based TowerCo will own and operate more than 5,000 sites across Canada and plans to grow through new site builds, site densification and third-party colocation. It will lease capacity on the transferred towers to Bell and develop new sites for the carrier as needed.
