Bell sells minority stake in tower infrastructure assets to Quebec pension fund

BCE Inc. has reached a deal to sell 49.9 per cent of a newly-formed wireless tower company to the Quebec investment group La Caisse for $2.45 billion. The deal, announced on Tuesday, will see Bell retain a majority ownership of TowerCo, which will assume ownership of the company’s 5,000-plus tower sites across Canada. TowerCo will become the country’s largest wireless tower company, and it will be open to all service providers. “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,” said Bell CEO Mirko Bibic in a statement. Under the agreement, TowerCo will lease capacity of the towers back to Bell, though the telco will keep full ownership of its spectrum, network equipment, and previously-owned land. The transaction is subjected to regulatory approvals and expected to close in the first quarter of 2027. TowerCo is not expected to have any debt, and its financial results will be rolled into Bell’s quarterly reports. "A telecom tower can carry more than one network,” read a statement from Emmanuel Jaclot, executive vice-president at La Caisse, the country’s second-largest pension fund, which holds approximately $552 billion in net assets. “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.” TowerCo will be based in Montreal and headed by telecom consultant J. Bruce Furlong, who said in a statement he plans to build a “dedicated team exclusively focused on the development, operation and long-term growth of premier wireless tower infrastructure across Canada.” Various financial analysts acknowledged the agreement on Tuesday morning, with Canaccord Genuity’s Aravinda Galappatthige saying he viewed the transaction “quite positively.” “It demonstrates underlying value in BCE’s tower infrastructure at what we suspect is an attractive valuation,” wrote Galappatthige following the announcement. “Consistent with a capital allocation framework…, we think this transaction underscores BCE’s approach of recycling capital into growth areas such as AI-powered solutions and fibre.” news@thewirereport.ca

Bell sells minority stake in tower infrastructure assets to Quebec pension fund

Telecom |
By Wire Report Staff
|October 27, 2026

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Bell sells minority stake in tower infrastructure assets to Quebec pension fund

Telecom | By Wire Report Staff |October 27, 2026

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By Wire Report Staff
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