BCE announces a cooperation with La Caisse, in which the latter will acquire a 49.9% stake in Bell Wireless Tower Infrastructure Company
This press release contains forward-looking statements. For information regarding relevant risk factors and assumptions, please refer to the section titled "Forward-Looking Statements" at the end of this press release.
Montreal, October 27, 2026 / PRNewswire / -- BCE Inc. ( NYSE : BCE; TSX : BCE ), one of Canada's largest telecommunications companies, announced today that its wholly-owned subsidiary Bell Canada (" Bell ") has signed a final agreement with the global investment group La Caisse. La Caisse will acquire a 49.9% stake in a newly established wireless tower infrastructure company for C$2.45 billion, with the transaction price subject to customary adjustments. The deal values the tower company at approximately C$4.91 billion and unlocks significant value within BCE's infrastructure.
Bell's partial monetization of passive wireless infrastructure assets is in line with the long-term capital allocation strategy proposed by BCE on Investor Day in 2025, which includes a commitment to keep the net debt leverage ratio below 3.5 times by the end of 2027, as well as the flexibility to provide funding for key growth areas, including AI's drive solutions.
This new wireless tower infrastructure company, “TowerCo”, will own and operate the wireless infrastructure portfolio of Bell, making it the largest specialized tower company in Canada with over 5,000 sites nationwide. Headquartered in Montreal, the company will focus on developing its business through the construction of new sites, site encryption, and third-party co-location.
According to the terms of the agreement, TowerCo will lease the capacity on the tower to Bell. Bell will retain a 50.1% controlling stake in TowerCo, while La Caisse will hold the remaining 49.9%. It is expected that TowerCo will have no financial debts at the time of delivery, and its financial results will be incorporated into the financial statements of Bell.
Bell will retain full ownership and control over its spectrum, all active network equipment, and its own land. Bell will continue to use the existing sites through a long-term agreement, and TowerCo will also develop new sites for Bell as needed to ensure the continuous provision of high-quality, reliable wireless services to Canadian users.
The transaction is expected to be completed in the first quarter of 2027, after obtaining regulatory approval and meeting other customary delivery conditions.
Quotation
"This collaboration unleashes the tremendous value inherent in our infrastructure assets, while we continue to operate the award-winning wireless networks that our customers rely on every day. As we have been communicating since early 2025, our approach is to strengthen our balance sheet, invest in growth, and provide total returns to our shareholders. This transaction is in line with this approach, and the proceeds will be used to implement this very clear strategy."
—— President and CEO of BCE and Bell Canada, Mirko Bibic
A single telecommunications tower can support more than one network. By allowing different service providers to use this infrastructure, we can enhance coverage and improve the overall system efficiency, thereby helping more people access the connectivity services they rely on every day. Bell's extensive business layout, combined with La Caisse's professional experience in global digital infrastructure, will provide a focused and long-term perspective for this new platform to drive growth.
– La Caisse Vice President and Head of Infrastructure and Sustainable Development Emmanuel Jaclot
"At TowerCo, we are building a dedicated team focused on the development, operation, and long-term growth of high-quality wireless tower infrastructure in Canada. By collaborating with La Caisse under a clear mission, we have the capability to expand this infrastructure portfolio and support future network deployments, providing Canadians with the most important connectivity services."
—— CEO J. Bruce Furlong
About BCE
BCE is one of the largest telecommunications companies in Canada, leading in advanced fiber optics and wireless networks, enterprise services, and digital media. By providing next-generation technologies that leverage cloud and AI-driven solutions, we help our customers stay connected, access information and entertainment, and at the same time assist businesses in competing on a global stage. For more information, please visit Bell.ca or BCE.ca.
About La Caisse
For over 60 years, La Caisse has been investing with a dual mission: to achieve the best long-term returns for its 48 depositors, who represent more than 6 million Quebecers, and to contribute to the economic development of Quebec.
As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate, and private credit sectors. As of June 30, 2026, its net assets amounted to 552 billion Canadian dollars. For more information, please visit LaCaisse.com, LinkedIn, or Instagram.
Media inquiries:
Bell Canada
[ email protected ]La Caisse
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Kris Somers
[ email protected ]Forward-looking Statements Caution
Certain statements in this press release are forward-looking statements, including those regarding the proposed transaction; the benefits and opportunities expected to arise from the proposed transaction; where Bell intends to use the proceeds from the proposed transaction; the relationship between Bell and TowerCo and their control rights; the net debt leverage ratio target that BCE expects to achieve by the end of 2027; the completion of the proposed transaction under the terms described in this press release and the anticipated completion time; that Bell expects TowerCo to have no financial debts at the time of delivery; and other statements that are not historical facts. All such forward-looking statements are made in accordance with the applicable Canadian securities laws and the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to inherent risks and uncertainties and are based on certain assumptions, and therefore actual results or events may differ significantly from our expectations. These statements do not constitute any guarantee of future performance or events, and we caution you not to rely excessively on any such forward-looking statements. The forward-looking statements in this press release reflect Bell’s expectations as of the date of this press release and may change thereafter. Except as required by applicable securities laws, Bell has no obligation to update or revise any forward-looking statements in this press release, whether due to new information, future events, or other reasons. The timing and completion of the proposed transaction depend on customary closing conditions, termination rights, and other risks and uncertainties, including but not limited to relevant regulatory approvals, which may affect the completion, terms, or timing of the transaction. Therefore, there is no guarantee that the proposed transaction will occur, or will occur under the terms and conditions envisioned in this press release, or within the envisioned timeline. The proposed transaction may also be modified, restructured, or terminated. There is also no guarantee that the potential benefits expected to arise from the proposed transaction will be realized.For more information regarding the assumptions and risks on which certain forward-looking statements in this press release are based, please refer to BCE's annual report for 2025 submitted on March 5, 2026, BCE's reports on the first and second quarters of 2026 submitted on May 6, 2026, and August 5, 2026, respectively, as well as BCE's financial performance report for the second quarter of 2026 released on August 6, 2026. These documents have been filed with the securities regulatory authorities of various Canadian provinces (available at sedarplus.ca) and the U.S. Securities and Exchange Commission (available at SEC.gov). They are also available for review at BCE.ca.
Non-GAAP and other financial indicators
BCE uses a variety of financial indicators to assess its business performance. Some of these indicators are calculated in accordance with IFRS accounting standards or GAAP, while others do not have a standardized meaning under GAAP. We believe that by combining GAAP financial indicators with adjusted non-GAAP and other financial indicators, readers can better understand how management evaluates the BCE's performance. Canadian National Regulation 52-112, "Disclosures of Non-GAAP and Other Financial Indicators" (NI 52-112), specifies disclosure requirements for the following specific financial indicators: (i) non-GAAP financial indicators; (ii) non-GAAP ratios; (iii) segment summary indicators; (iv) capital management indicators; and (v) supplementary financial indicators. This section provides an explanation and classification of the specific financial indicators used in this press release that are covered by NI 52-112. However, for supplementary financial indicators, if their labels are not sufficient to clearly explain their meaning, an explanation will be provided upon their first mention.
The net debt leverage ratio is a capital management indicator, which refers to net debt divided by the adjusted EBITDA. The net debt used in the calculation of the net debt leverage ratio is not part of the GAAP financial indicators. Net debt is not a GAAP financial indicator and does not have a standardized meaning under the IFRS accounting standards; therefore, it may not be directly comparable to similar indicators disclosed by other issuers. For more information on this indicator, including adjustments to the most directly comparable financial indicator of long-term debt under the IFRS accounting standards, please refer to Section 11.1 “Non-GAAP Financial Indicators – Net Debt” of the 2025 annual report submitted by BCE on March 5, 2026, MD. This content is incorporated into this text by reference. To calculate the net debt leverage ratio, we use the adjusted EBITDA for the past 12 months. We use the net debt leverage ratio and believe that some investors and analysts also use this indicator as a measure of financial leverage.
