La Caisse buys 49.9% stake in Bell's new TowerCo for C$2.45 billion

BCE said its Bell Canada unit signed a definitive agreement under which La Caisse will buy a 49.9% stake in a newly formed wireless tower company, TowerCo, for C$2.45 billion before customary adjustments. The deal values the tower business at about C$4.91 billion and is expected to close in the first quarter of 2027, subject to regulatory approvals and other conditions.

TowerCo will hold Bell's portfolio of more than 5,000 wireless sites across Canada, which it will lease back to Bell under long-term agreements. Bell will keep a 50.1% controlling interest and consolidate the company, which is expected to carry no financial debt at closing; Bell retains its spectrum, active network equipment and owned land.

BCE framed the partial monetization as part of the capital allocation plan outlined at its 2025 Investor Day, including a target of 3.5x net debt leverage by the end of 2027. La Caisse said its digital infrastructure experience and Bell's footprint should let TowerCo pursue new builds, densification and third-party colocation.