BCE Sells Stake in TowerCo to Caisse for $2.45-Billion
The telecommunications firm is offloading infrastructure assets to reduce its debt and fund new data centre expansion.
Updated on Oct. 27, 2026 in Telecommunications
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BCE Inc. has agreed to sell a 49.9-percent stake in its cellphone tower subsidiary to the Caisse de dépôt et placement du Québec. The transaction values the newly formed TowerCo at $4.9-billion, helping Bell address its significant debt load.
Why it matters
Bell is divesting these assets to pay down its $37.5-billion debt and focus capital on expanding its data centre business. The move is central to the company's long-term goal of reaching a debt-to-EBITDA ratio of 3.5 by the end of 2027.
The deal encompasses more than 5,000 cellphone sites across Canada. The agreement specifically leverages a $4.9-billion valuation for the infrastructure entity, TowerCo.
The players
BCE Inc.
BCE Inc. is a major Canadian telecommunications company that provides mobile and internet services across the country.
Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a major Canadian institutional investor that manages assets for public pension and insurance plans.
J. Bruce Furlong
J. Bruce Furlong serves as the CEO of the newly established TowerCo entity.
The details
The newly formed TowerCo will manage the infrastructure and actively charge fees to Bell and other third-party telecommunications providers for network access. Bell previously conducted an extensive auction process for these towers, engaging both domestic and foreign institutional investors.
Timeline
Spring 2025: Bell announced its strategy to strengthen its balance sheet.
June 2026: Bell reported a net debt leverage ratio of 3.7.
September 2026: Bell expanded its data centre project in Saskatchewan.
October 2026: BCE agreed to the sale of its tower stake to the Caisse.
Q1 2027: The transaction is expected to officially close.
The Tech Race
This move follows the pattern set by the Caisse's acquisition of a 49-percent stake in Telus's towers last year for $1.26-billion. It positions Bell to mirror the infrastructure-sharing models now becoming standard across the Canadian telecommunications industry.
Customers may see continued investment in network infrastructure as Bell transitions to a fee-based tower usage model. The deal aims to stabilize the company's financial footing to support long-term service reliability.
The takeaway
Large telecommunications providers are increasingly separating infrastructure assets from service operations to unlock capital. This trend allows firms to prioritize debt reduction while keeping network expansion projects on track.
What happens next
The transaction is scheduled to close in the first quarter of 2027.
Further reading
For more insight into industry shifts, explore our Telecommunications section.
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