La Caisse agrees to buy 49.9% of Bell Canada tower unit

La Caisse agreed to acquire a 49.9% stake in Bell Canada's newly formed wireless tower company for C$2.45 billion (US$1.75 billion), with the carrier retaining a 50.1% controlling equity interest. Bell announced the deal Oct. 27; the price values the tower company at about C$4.91 billion (US$3.5 billion).

The unit will own and operate Bell's tower assets in Canada, which span more than 5,000 sites, and plans to expand through new site builds, site densification and third-party colocation. Bell will lease capacity on the transferred towers and keep full ownership and control of its spectrum, active network equipment and owned land, with access to existing sites through long-term agreements. The tower company is expected to have no financial debt at closing, and Bell will consolidate its results.

For allocators, the deal puts a price on Canadian tower exposure: C$4.91 billion for more than 5,000 sites with the anchor tenant signed to long-term leases. The equity case turns on colocation and new builds, because Bell keeps the spectrum, the active equipment and the land, and consolidates the unit — leaving the 49.9% holder with a minority stake in a business whose anchor customer is also its controlling shareholder.

Dividing C$4.91 billion by more than 5,000 sites gives roughly C$980,000 per existing site. That is an upper bound, since the site count is stated as a minimum and the valuation covers a portfolio with a stated build-out plan.

Mirko Bibic, president and CEO of BCE and Bell Canada, said the company's approach since early 2025 has been to strengthen its balance sheet, invest in growth and deliver total returns to shareholders. "This transaction is in keeping with that approach, and the proceeds will be used to execute against this very clear strategy," he said.

Emmanuel Jaclot, EVP and head of infrastructure and sustainability at La Caisse, said a tower can carry more than one network. "By making this infrastructure available to different service providers, we can strengthen coverage, improve overall system efficiency," he said. He said Bell's footprint and La Caisse's digital infrastructure expertise would give the new platform the focus and long-term perspective to grow.

J. Bruce Furlong will lead the tower company as CEO. The transaction is expected to close in the first quarter of 2027, following regulatory approvals and other customary closing conditions.