MONTREAL – October 29, 2026 -- BCE Inc. said its subsidiary Bell Canada will sell a 49.9% stake in a newly formed wireless tower company to investment group La Caisse for CAD 2.45 billion, subject to customary adjustments. The price values the business at about CAD 4.91 billion.
TowerCo takes over 5,000-plus Bell sites
The new entity, TowerCo, will own and operate Bell's portfolio of passive wireless infrastructure. BCE describes it as Canada's largest dedicated tower company, with more than 5,000 sites nationwide. It will be headquartered in Montreal and led by CEO J. Bruce Furlong.
TowerCo plans to grow through new site builds, site densification and third-party colocation, which lets other service providers use its towers.
Bell keeps 50.1% control and consolidates results
Bell will hold a 50.1% controlling equity interest, and La Caisse the remaining 49.9%. TowerCo will lease capacity on the transferred towers to Bell, and its financial results will be consolidated into Bell's financial statements. BCE expects TowerCo to carry no financial debt at closing.
Bell will keep full ownership and control of its spectrum, all active network equipment and owned land. It will retain access to existing sites through long-term agreements, and TowerCo will build new sites for Bell as needed.
Proceeds support the 3.5x leverage target for 2027
BCE ties the partial monetization to the capital allocation strategy it set out at Investor Day 2025. That strategy includes a net debt leverage ratio of 3.5x by the end of 2027 and funding flexibility for growth areas such as AI-powered solutions. Net debt leverage is net debt divided by adjusted EBITDA.
BCE President and CEO Mirko Bibic said the approach is to "strengthen our balance sheet, invest in growth and deliver total returns to shareholders," and that the proceeds will be used to execute that strategy. The release does not give a split of proceeds between debt reduction and investment.
La Caisse brings CAD 552 billion in net assets
La Caisse held CAD 552 billion in net assets as at June 30, 2026. Emmanuel Jaclot, its Executive Vice-President and Head of Infrastructure and Sustainability, said a tower can carry more than one network. He said opening the infrastructure to multiple providers can improve coverage and system efficiency.
Closing is targeted for Q1 2027
The transaction is expected to close in the first quarter of 2027, after regulatory approvals and other customary closing conditions. BCE cautions that the deal could be modified, restructured or terminated, and that the expected benefits may not be realized.