La Caisse snaps up 49.9% stake in Bell Canada’s tower unit

Raises CAD$2.45bn for newly-formed tower business

Investment firm La Caisse has agreed to acquire a 49.9 percent stake in Bell Canada's newly formed wireless tower infrastructure company.

Bell Canada announced the deal today (October 27), with the stake valued at CAD$2.45 billion (US$1.75bn). Bell will retain a 50.1 percent controlling equity interest in the tower company.

The deal values the tower company at approximately CAD$4.91 billion ($3.5bn).

For Bell, it represents an opportunity for the mobile carrier to monetize its infrastructure assets and is part of the carrier's parent company BCE's long-term capital allocation strategy.

The tower unit will own and operate Bell's tower assets in Canada, which span more than 5,000 sites across the country, with plans to expand through new site builds, site densification, and third-party colocation.

Under the terms of the agreement, TowerCo will lease capacity on the transferred towers to Bell. It is expected TowerCo will have no financial debt at closing and its financial results will be consolidated by Bell into its financial statements.

As part of the agreement, Bell will retain full ownership and control of its spectrum, all active network equipment, and owned land. The telco will maintain access to existing sites through long-term agreements, while TowerCo will develop new sites for Bell as needed.

"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," said Mirko Bibic, president and CEO of BCE and Bell Canada.

"A telecom tower can carry more than one network. 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," added Emmanuel Jaclot, EVP and head of infrastructure and sustainability at La Caisse.

The tower unit will be led by J. Bruce Furlong, who will take on the role of CEO.

The transaction is expected to close in the first quarter of 2027, following receipt of regulatory approvals and satisfaction of other customary closing conditions.

For La Caisse, the transaction is similar to a deal the company finalized with another Canadian mobile carrier, Telus, last year, when it snapped up a 49.9 percent stake Telus' tower unit, Terrion, for CAD$1.26 billion ($900 million).

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