TELUS Partners with La Caisse to Establish Canada's Largest Dedicated Tower Operator

TELUS has completed a landmark infrastructure partnership with La Caisse, Canada’s second-largest pension fund, to accelerate the development of dedicated wireless tower operations across the country. Under the agreement, La Caisse will acquire a 49.9% equity stake in both Terrion LP and its general partner, Terrion GP Inc., marking a transformative moment for Canada’s telecom infrastructure landscape.

Strategic Separation Drives Net Debt Reduction

The transaction, valued at approximately $1.26 billion in La Caisse’s investment, establishes Terrion as an independent entity focused exclusively on passive wireless infrastructure assets. The deal significantly strengthens TELUS’ financial position by reducing its net debt by $1.26 billion, while the company maintains operational control through its 50.1% stake in Terrion LP.

TELUS is separating its passive cell tower infrastructure into Terrion, which will operate as a dedicated tower company. The telecom operator will continue to hold complete ownership of all active network components and security systems, ensuring seamless service continuity for customers.

Canada’s Largest Tower Infrastructure Platform

Upon completion of the transaction, Terrion is positioned to become Canada’s largest dedicated wireless tower operator, with a comprehensive network spanning approximately 3,000 sites across British Columbia, Alberta, Ontario, and Quebec. This geographic coverage provides significant redundancy and resilience for Canada’s mobile infrastructure.

“This partnership with La Caisse strengthens Canada’s digital connectivity and mobile network resilience through the establishment of dedicated tower infrastructure,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. The investment reflects La Caisse’s confidence in Terrion’s role as a critical component of Canada’s digital ecosystem.

Integration and Financial Reporting

TELUS will consolidate Terrion’s operational and financial results into its consolidated financial statements, maintaining strategic oversight of the infrastructure assets. This structure allows TELUS to maintain visibility into tower performance while benefiting from La Caisse’s infrastructure expertise and capital.

The partnership represents a strategic evolution in how Canada’s telecom operators are structuring their infrastructure assets, separating passive tower operations from active network services to unlock value and enhance operational efficiency.