Quebec’s pension manager is poised to become a financial investor in infrastructure connected to all three of Canada’s largest wireless carriers, after BCE agreed to sell 49.9% of a new tower business to La Caisse for $2.45 billion.
BCE said Tuesday that the new Montreal-based TowerCo will hold more than 5,000 wireless sites, valuing the business at approximately $4.91 billion. Bell Canada will retain 50.1%, consolidate TowerCo’s results, and continue using its sites under long-term leases.
The sale is expected to close in the first quarter of 2027, subject to regulatory approvals.
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The agreement extends a series of transactions that have given institutional investors stakes in telecom infrastructure while the carriers retain operating control.
Bell will keep its spectrum, active network equipment, and owned land. TowerCo will own and manage passive tower infrastructure, develop additional locations, and seek more customers through shared use of its sites. Neither party disclosed the ongoing lease payments Bell will owe.
The deal follows La Caisse’s $1.26 billion purchase of 49.9% of TELUS’s Terrion tower business, completed in September 2025. TELUS retained the remaining 50.1% and agreed to an initial eight-year tower lease.
Terrion began with about 3,000 sites, putting La Caisse’s combined direct investments in the two tower ventures at $3.71 billion once the Bell agreement closes.
La Caisse has a different kind of exposure at Rogers Communications. It was among institutional backers of Blackstone’s $7 billion investment in a Rogers subsidiary owning part of its wireless backhaul transport infrastructure.
The June 2025 transaction gave Blackstone’s investor group 49.9% of the subsidiary’s equity but only 20% of its votes, with Rogers retaining network control. La Caisse’s individual contribution was not disclosed.
For BCE, the timing reflects pressure to finance growth alongside debt reduction. Its August earnings disclosure projected 2026 free cash flow of $2.1 billion to $2.3 billion, with higher spending on Bell AI Fabric data centres and Ziply Fiber’s US network.
BCE has set a target net-debt leverage ratio of 3.5 times by the end of 2027. It said the tower proceeds would support its broader capital strategy, including AI investments, without specifying how much would repay debt.
