Bell Sells 49.9% Stake in Wireless Tower Business to Caisse for $2.45 Billion
BCE Inc.'s Bell subsidiary is selling a 49.9% minority stake in its wireless tower infrastructure business to the Caisse de dépôt et placement du Québec for $2.45 billion, valuing the new entity, TowerCo, at approximately $4.9 billion.
BCE Inc.'s Bell subsidiary has agreed to sell a 49.9% stake in its cellphone tower infrastructure to the Caisse de dépôt et placement du Québec for $2.45 billion. The transaction values the newly formed company, initially called TowerCo, at approximately $4.9 billion.
TowerCo will own more than 5,000 cellphone sites across Canada. Former Bell executive J. Bruce Furlong will serve as the CEO of the new entity. Upon closing, TowerCo will lease capacity on the transferred towers to Bell and other clients and will carry no financial debt.
Bell will retain a 50.1% controlling equity interest in TowerCo. The telecom company also retains full ownership and control of its spectrum, all active network equipment, and owned land.
The sale is part of a broader strategy announced by BCE in spring 2025 to strengthen its balance sheet, which includes cutting dividends and pledging up to $7 billion in asset sales. Bell aims to use proceeds from this transaction to meet or beat its debt-to-EBITDA target ratio of 3.5 by the end of 2027.
Bell plans to direct funds toward domestic AI infrastructure, including data centres in Saskatchewan via Bell AI Fabric, as well as a U.S. fibre optic network through Ziply Fiber.
Analysts noted that the Caisse investment valued Bell's assets at about $982,000 per tower, compared to $840,000 per tower in Telus Corp.'s recent sale.
The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals.