BCE announces a partnership with La Caisse, which will acquire a 49.9% stake in Bell Wireless Tower Infrastructure.
This press release contains forward-looking statements. For disclosures regarding related risk factors and assumptions, please refer to the section titled “Cautionary Note Regarding 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 communications companies, today announced that its wholly owned subsidiary, Bell Canada (“Bell”), has entered into a definitive agreement with the global investment group La Caisse. La Caisse will acquire a 49.9% equity interest in a newly formed wireless tower infrastructure company for a purchase price of CAD $2.45 billion, subject to customary adjustments. The transaction values the tower company at approximately CAD $4.91 billion and unlocks significant value within BCE’s infrastructure.
The partial monetization of Bell’s passive wireless infrastructure assets aligns with BCE’s long-term capital allocation strategy outlined at its 2025 Investor Day, including its commitment to maintain net debt leverage below 3.5x by the end of 2027 and the flexibility to fund priority growth areas, including AI-driven solutions.
The new wireless tower infrastructure company, TowerCo, will own and operate Bell’s portfolio of wireless infrastructure assets, making it Canada’s largest dedicated tower company with over 5,000 sites nationwide. Headquartered in Montreal, the company will focus on growing its business through new site construction, site densification, and third-party colocation.
Under the terms of the agreement, TowerCo will lease capacity on the transferred towers to Bell. Bell will retain a 50.1% controlling interest in TowerCo, while La Caisse will hold the remaining 49.9%. TowerCo is expected to have no financial debt at closing, and its financial results will be consolidated into Bell’s financial statements.
Bell will retain full ownership and control of its spectrum, all active network equipment, and its owned land. Bell will continue to use existing sites through long-term agreements, and TowerCo will develop new sites for Bell as needed to ensure ongoing high-quality, reliable wireless service for Canadian customers.
The transaction is expected to close in the first quarter of 2027, following regulatory approval and the satisfaction of other customary closing conditions.
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This partnership unlocks the significant value embedded in our infrastructure assets while continuing to operate the award-winning wireless network that customers rely on daily. As we have consistently communicated since early 2025, our approach is to strengthen the balance sheet, invest in growth, and deliver total returns to shareholders. This transaction aligns with this strategy, and the proceeds will be used to execute this clearly defined plan.
—— Mirko Bibic, President and CEO of BCE and Bell Canada
A single telecommunications tower can support more than one network. By enabling multiple service providers to use this infrastructure, we can enhance coverage and improve overall system efficiency, helping more people access the connectivity services they rely on daily. Bell’s extensive operational footprint combined with La Caisse’s global expertise in digital infrastructure will provide this new platform with focused, long-term vision to drive growth.
Emmanuel Jaclot, Executive Vice President and Head of Infrastructure and Sustainable Development at La Caisse
At TowerCo, we are assembling a dedicated team focused on the development, operation, and long-term growth of high-quality wireless tower infrastructure in Canada. Through our partnership with La Caisse under a shared mission, we are positioned to expand this infrastructure portfolio and support future network deployments, delivering essential connectivity services to Canadians.
—— J. Bruce Furlong, CEO of TowerCo
About BCE
BCE is one of Canada’s largest communications companies, leading in advanced fiber and wireless networks, enterprise services, and digital media. By delivering next-generation technologies powered by cloud and AI-driven solutions, we help customers stay connected, access information and entertainment, while enabling businesses to compete on the global stage. For more information, visit Bell.ca or BCE.ca.
About La Caisse
For over 60 years, La Caisse has invested with a dual mission: to achieve optimal long-term returns for its 48 depositors, who represent over 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. As of June 30, 2026, its net assets amounted to CAD 552 billion. For more information, visit LaCaisse.com, LinkedIn, or Instagram.
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Forward-Looking Statements Disclaimer
Certain statements in this press release are forward-looking statements, including statements regarding the proposed transaction; the anticipated benefits and opportunities from the proposed transaction; Bell’s intended use of proceeds from the proposed transaction; Bell’s relationship with and control over TowerCo; BCE’s target net debt leverage ratio expected to be achieved by the end of 2027; the completion of the proposed transaction on the terms described in this press release and the anticipated timing of completion; Bell’s expectation that TowerCo will have no financial debt at closing; and other statements that are not historical facts. All such forward-looking statements are made pursuant to the “safe harbor” provisions of applicable Canadian securities laws and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties and are based on several assumptions; therefore, actual results or events may differ materially from our expectations. These statements do not constitute guarantees of future performance or events, and you are cautioned not to place undue reliance 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 after that date. Except as required by applicable securities laws, Bell has no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise. The timing and completion of the proposed transaction are subject to customary closing conditions, termination rights, and other risks and uncertainties, including but not limited to required regulatory approvals, which may affect the completion, terms, or timing of the transaction. Accordingly, there can be no assurance that the proposed transaction will occur, or will occur on the terms and conditions or within the timeframe contemplated in this press release. The proposed transaction may also be modified, restructured, or terminated. There can also be no assurance that the potential benefits anticipated from the proposed transaction will be realized. For additional information regarding the assumptions and risks underlying certain forward-looking statements in this press release, please refer to BCE’s 2025 Annual MD&A filed on March 5, 2026, BCE’s First Quarter and Second Quarter MD&As filed on May 6, 2026, and August 5, 2026, respectively, and BCE’s Second Quarter 2026 Financial Results Press Release issued on August 6, 2026, which have been filed with securities regulators in all provinces of Canada (available at sedarplus.ca) and with the U.S. Securities and Exchange Commission (available at sec.gov). These documents are also available at BCE.ca.
Non-GAAP and Other Financial Metrics
BCE uses a variety of financial metrics to evaluate its business performance. Some of these metrics are calculated in accordance with IFRS accounting standards or GAAP, while others do not have standardized meanings under GAAP. We believe that reading GAAP financial metrics alongside adjusted non-GAAP and other financial metrics provides readers with a better understanding of how management assesses BCE’s performance. National Instrument 52-112 Disclosure of Non-GAAP and Other Financial Measures (NI 52-112) sets out disclosure requirements applicable to the following specific financial measures: (i) non-GAAP financial measures; (ii) non-GAAP ratios; (iii) segment totals; (iv) capital management measures; and (v) supplementary financial measures. This section describes and classifies the specific financial measures used in this press release that are covered by NI 52-112; however, for supplementary financial measures, if the label alone is insufficient to clearly convey their meaning, an explanation is provided upon first mention.
Net debt leverage ratio is a capital management metric defined as net debt divided by adjusted EBITDA. Net debt, used in the calculation of the net debt leverage ratio, is a non-GAAP financial measure. Net debt does not have a standardized meaning under IFRS accounting standards and therefore may not be directly comparable to similar measures disclosed by other issuers. For additional information on this measure, including a reconciliation to the most directly comparable financial measure under IFRS—long-term debt—refer to Section 11.1 “Non-GAAP Financial Measures—Net Debt” in BCE’s 2025 Annual MD&A filed on March 5, 2026, which is incorporated herein by reference. To calculate the net debt leverage ratio, we use adjusted EBITDA for the trailing twelve months. We use the net debt leverage ratio, and believe that certain investors and analysts also use this metric, as a measure of financial leverage.