BCE has entered into an agreement with La Caisse under which the global investment group will acquire a 49.9% stake in a newly created wireless tower infrastructure company from Bell Canada for C$2.45 billion.
The transaction values the tower company, known as TowerCo, at approximately C$4.91 billion.
Bell will retain a 50.1% controlling equity stake following completion of the transaction, while La Caisse will own the remaining 49.9%.
TowerCo will own and operate Bell’s portfolio of wireless infrastructure assets, creating what the companies describe as Canada’s largest dedicated tower company with more than 5,000 sites nationwide.
The Montréal-headquartered business will pursue growth through new tower construction, site densification, and third-party colocation.
Under the transaction structure, TowerCo will lease capacity on its towers back to Bell. Bell will retain full ownership and control of its wireless spectrum, active network equipment, and owned land while maintaining access to existing tower sites under long-term agreements.
TowerCo will also build additional sites for Bell as needed to support future network deployment.
The new company is expected to have no financial debt when the transaction closes, and Bell will continue consolidating TowerCo’s financial results because of its controlling interest.
BCE said the partial monetization is consistent with the capital allocation strategy it outlined during its 2025 Investor Day. The company intends to use proceeds as part of its strategy to strengthen the balance sheet, invest in growth areas such as AI-powered solutions, and move toward a targeted net debt leverage ratio of 3.5 times by the end of 2027.
The transaction is expected to close during the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
La Caisse managed C$552 billion in net assets as of June 30, 2026 and invests across infrastructure, private equity, real estate, private credit, and public markets.
KEY QUOTES:
“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. 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.”
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.”
Emmanuel Jaclot, Executive Vice-President And Head Of Infrastructure And Sustainability At La Caisse
“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.”
J. Bruce Furlong, CEO Of TowerCo
