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

Key Highlights

  • Transaction value: La Caisse will pay CAD $2.45 billion for a 49.9% stake, implying a total tower company valuation of approximately CAD $4.91 billion, according to the filing.
  • Bell retains control: Bell Canada will hold a 50.1% controlling equity interest in TowerCo, with TowerCo's financial results to be consolidated into Bell's financial statements.
  • Portfolio size: TowerCo will own and operate more than 5,000 wireless tower sites across Canada, making it, according to the filing, Canada's largest dedicated tower company.
  • No debt at closing: TowerCo is expected to carry 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 other customary closing conditions.
  • Balance sheet target: The filing links the transaction to BCE's stated net debt leverage ratio target of 3.5x by the end of 2027.
  • Named CEO: J. Bruce Furlong is identified in the filing as CEO of TowerCo.

BCE's Bell Canada Forms TowerCo With La Caisse as 49.9% Partner

According to the filing, Bell Canada, the wholly owned subsidiary of BCE Inc. (NYSE:BCE, TSX: BCE), entered into a definitive agreement under which La Caisse will acquire a 49.9% stake in a newly formed entity referred to as "TowerCo." The purchase price is CAD $2.45 billion, subject to customary adjustments, and the filing states the transaction values TowerCo at approximately CAD $4.91 billion. The new company will be headquartered in Montreal and will own and operate Bell's portfolio of passive wireless infrastructure assets.

The filing describes TowerCo's mandate as growing through new site builds, site densification, and third-party colocation. Bell will retain full ownership and control of its spectrum, all active network equipment, and owned land. TowerCo will lease tower capacity back to Bell under long-term agreements, and will develop new sites for Bell as needed. The filing states Bell will maintain a 50.1% controlling equity interest and TowerCo's financial results will be consolidated into Bell's financial statements.

BCE President and CEO Mirko Bibic is quoted in the filing as saying the transaction "unlocks the significant value embedded in our infrastructure assets" and that proceeds will be used consistent with the strategy of strengthening the balance sheet and investing in growth. The filing connects the transaction to BCE's long-term capital allocation strategy disclosed at Investor Day 2025, including a net debt leverage ratio target of 3.5x by the end of 2027. The filing notes that forward-looking statements in the release are subject to the company's cautionary language and are not guarantees of future performance.

What Was Disclosed

BCE disclosed a definitive agreement for La Caisse to acquire a 49.9% stake in Bell Canada's passive wireless tower assets through a new company, TowerCo, for CAD $2.45 billion. Bell retains 50.1% control and the transaction is expected to close in Q1 2027.