BCE sells 49.9% stake in wireless tower company to La Caisse

BCE Inc. has reached an agreement to sell a 49.9% stake in a new wireless tower infrastructure company, named TowerCo, to Quebec pension fund manager La Caisse for $2.45 billion CAD. The new entity, based in Montréal, will hold more than 5,000 of Bell’s passive wireless sites and is valued at approximately $4.91 billion CAD.

Under the terms of the deal, Bell will retain a 50.1% controlling interest and will lease tower capacity back through long-term agreements. Bell will maintain full ownership of its spectrum, active network gear, and owned land. TowerCo is expected to grow through site densification and third-party colocation.

The transaction is intended to generate cash to help BCE reach a net debt leverage ratio of 3.5x by the end of 2027. This move follows similar tower asset partnerships executed by Telus and Rogers. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals.