La Caisse to Buy 49.9% of Bell TowerCo for C$2.45 Billion

BCE said Tuesday that Bell Canada agreed to sell La Caisse a 49.9% stake in its new tower company for C$2.45 billion, subject to customary adjustments, while retaining control of the infrastructure operator.

The new company, TowerCo, will own and operate more than 5,000 wireless infrastructure sites across Canada. BCE values TowerCo at about C$4.91 billion, and Bell will remain the majority owner with a 50.1% stake.

TowerCo will lease capacity on transferred towers to Bell. It also plans to build new sites, increase capacity in areas where it already operates and host equipment for other service providers. Those plans would let multiple providers use the tower infrastructure.

Bell will keep its spectrum, active network equipment and land it owns. BCE expects TowerCo’s financial results to be consolidated into Bell’s statements and the new company to have no financial debt when the deal closes.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and other closing conditions. BCE plans to use the proceeds to support its balance sheet, growth investment and shareholder returns. Its stated strategy includes a net debt leverage ratio target of 3.5x by the end of 2027, as well as flexibility to fund growth areas such as AI-powered solutions.

Mirko Bibic, president and CEO of BCE and Bell Canada, said the partnership would unlock value in the company’s infrastructure. “This partnership unlocks the significant value embedded in our infrastructure assets,” Bibic said.

Emmanuel Jaclot, La Caisse’s executive vice president and head of infrastructure and sustainability, pointed to the potential for shared use. “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.”

La Caisse held C$552 billion in net assets as of June 30, 2026. It completed a similar 49.9% investment in Terrion, TELUS’ wireless tower operator, in September 2025.