BCE has agreed to sell a 49.9% stake in a newly formed Bell wireless tower company to Quebec pension investor La Caisse for C$2.45bn, the company said on 27 October 2026. The price values the business, known as TowerCo, at about C$4.91bn.
Why La Caisse is buying Bell wireless tower company (TowerCo), 49.9% stake from BCE
BCE said proceeds would support its capital allocation priorities of strengthening the balance sheet, investing in growth and returning value to shareholders. The partnership is also intended to make tower infrastructure available to other service providers.
Deal terms and financing
TowerCo will own and operate more than 5,000 sites. Bell retains a 50.1% controlling interest, will consolidate TowerCo's results and will lease tower capacity from it, while keeping its spectrum, active network equipment and owned land. TowerCo is expected to have no financial debt at closing.
Regulatory approvals and timing
Completion is subject to regulatory approvals and customary conditions and is expected in the first quarter of 2027.
Market context
BCE targets a net debt leverage ratio of 3.5x by the end of 2027. Canadian rivals have taken a similar route: Telus sold 49.9% of its Terrion tower business to La Caisse in 2025, and Rogers sold a 49.9% tower stake to a Blackstone-led group.
