BCE sells 49.9% of TowerCo to La Caisse for C$2.45 billion alongside Q3 results
Published · Updated
What happened
BCE released quarterly results and announced a binding agreement for La Caisse to acquire a 49.9% stake in TowerCo for C$2.45 billion. BCE said the transaction is expected to close in the first quarter of 2027.
Why it matters
The deal changes the ownership structure of telecom passive infrastructure in Canada and provides BCE with proceeds that can be used for debt reduction, capital allocation, or network investment. It also adds a large institutional investor to an asset class that can affect competition, long-term lease economics, and future infrastructure transactions.
BCE on November 5 reported third-quarter 2026 operating revenues of C$6.182 billion, up 2.2% year over year, and net earnings of C$701 million, down 84.6% because the prior-year comparison included gains from the sale of its stake in Maple Leaf Sports & Entertainment. At the same time, BCE announced an agreement to sell a 49.9% interest in its TowerCo subsidiary to La Caisse for C$2.45 billion, with closing expected in the first quarter of 2027. The transaction adds a large Canadian pension investor to telecom tower ownership while giving BCE new balance-sheet capacity and a shared infrastructure vehicle.
Watch for
BCE filing or investor communication by 2026-11-09 specifying use of the C$2.45 billion proceeds between debt reduction, capex, and shareholder returns La Caisse statement by 2026-11-09 detailing governance rights, board representation, or veto protections in TowerCo Competition Bureau of Canada acknowledgement by 2026-11-09 of any notification, review track, or public comment related to the TowerCo stake sale BCE or Bell Canada disclosure by 2026-11-09 on whether TowerCo lease, access, or build commitments change for third-party telecom tenants
Sources
- BCE reports third quarter 2026 results · bce.ca
- BCE's Bell Canada to sell 49.9% stake in TowerCo · stocktitan.net
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