BCE Inc. issued an 8-K-style news release on October 27, 2026, disclosing that its subsidiary Bell Canada has signed a definitive agreement to sell a 49.9% interest in a newly formed wireless tower company to global investment group La Caisse for a purchase price of CAD $2.45 billion, subject to customary adjustments.

Key Highlights

  • Purchase price: La Caisse will pay CAD $2.45 billion for a 49.9% stake in the new tower company, implying a total valuation of approximately $4.91 billion, according to the filing.
  • Tower portfolio: The new entity, named TowerCo, will own and operate more than 5,000 wireless tower sites across Canada, which the filing describes as making it Canada's largest dedicated tower company.
  • Bell retains control: Bell Canada will hold a 50.1% controlling equity interest in TowerCo; TowerCo's financial results will be consolidated into Bell's financial statements.
  • No debt at closing: TowerCo is expected to have no financial debt at the time the transaction closes, the filing states.
  • Expected close: The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
  • Leverage target: The filing links the transaction to BCE's stated commitment to a net debt leverage ratio of 3.5x by the end of 2027.
  • TowerCo CEO: J. Bruce Furlong is named as CEO of TowerCo in the filing.

Bell Canada Forms TowerCo with La Caisse in CAD $4.91 Billion Infrastructure Deal

According to the filing, Bell Canada entered into a definitive agreement under which La Caisse will acquire a 49.9% stake in a newly formed wireless tower infrastructure company for CAD $2.45 billion, subject to customary adjustments. The transaction values TowerCo at approximately $4.91 billion. The Montreal-headquartered TowerCo will own and operate Bell's portfolio of passive wireless infrastructure assets, comprising more than 5,000 sites, and is described in the filing as Canada's largest dedicated tower company.

The filing states that Bell will retain full ownership and control of its spectrum, all active network equipment, and owned land. Under the agreement, TowerCo will lease capacity on the transferred towers back to Bell, and Bell will maintain access to existing sites through long-term agreements. TowerCo will also develop new sites for Bell as needed. BCE's President and CEO Mirko Bibic is quoted in the filing as stating that proceeds will be used to "strengthen our balance sheet, invest in growth and deliver total returns to shareholders." Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, is also quoted regarding the infrastructure-sharing opportunity.

The filing connects the transaction to BCE's long-term capital allocation strategy disclosed at Investor Day 2025, including a target net debt leverage ratio of 3.5x by the end of 2027. The filing notes that the net debt leverage ratio is a capital management measure representing net debt divided by adjusted EBITDA, and that net debt is a non-GAAP financial measure without a standardized meaning under IFRS Accounting Standards. Closing of the transaction is contingent on receipt of regulatory approvals and satisfaction of other customary closing conditions, and the filing cautions that the transaction "could be modified, restructured or terminated."

What Was Disclosed

BCE Inc. (NYSE:BCE) disclosed a definitive agreement for Bell Canada to sell a 49.9% interest in a new tower company to La Caisse for CAD $2.45 billion. Bell retains 50.1% control. Closing is expected in Q1 2027, pending regulatory approvals.