TELUS Corporation (“TELUS”) has entered into a definitive agreement with La Caisse, a global investment group and Canada’s second-largest pension fund, who will acquire a 49.9% equity interest in each of Terrion LP (“Terrion”) and its general partner, Terrion GP Inc., for approximately $1.26 billion. Terrion, a newly created tower operator headquartered in Montreal, will hold passive macro wireless infrastructure assets, commonly known as cell towers, that TELUS is carving out of its business.
TELUS will retain full ownership and control of all active network components and security systems, ensuring continued leadership in mobile network coverage, reliability and superiority. This transaction underscores the company’s progress toward robust and long-term sustainable growth, as the proceeds will be used to accelerate deleveraging. The transaction values Terrion at over $2.5 billion and is expected to reduce TELUS’ net debt by approximately $1.26 billion, or by approximately 0.17x of TELUS’ current net debt-to-EBITDA ratio.
The partnership establishes Terrion as Canada’s largest dedicated wireless tower operator and enables wholesale access and third party co-location in support of national wireless competition in Canada as part of TELUS’ ongoing commitment to bring world leading connectivity to more Canadians.
“This transformative partnership unlocks significant value for TELUS shareholders and enhanced connectivity for our customers. Notably, it accelerates our path toward our target net debt-to-EBITDA ratio of 3.0x by 2027, while supporting Canada’s global leadership in wireless connectivity,” said Darren Entwistle, President and CEO, TELUS. “The establishment of Terrion allows TELUS to focus on our innovative service offerings and next-generation connectivity for the benefit of our customers, while enabling Terrion to specialize in infrastructure development, site management and third-party co-location. Importantly, just as we enable our telecom peers with wholesale access to our mobility network to serve their customers, Terrion will provide an avenue for other wireless carriers to leverage TELUS’ infrastructure on a wholesale basis for the betterment of their mobility businesses. Additionally, this transaction is in line with the federal government’s objectives of enhancing national connectivity and digital infrastructure, exemplifying the type of large-scale development Canada needs to maintain its competitive advantage in the global digital economy. Importantly, I am thrilled to welcome my long-time colleague, Eros “Woody” Spadotto, back to our TELUS family, as he assumes the exciting and important role of CEO of Terrion. Moreover, I extend my sincere appreciation to the dedicated teams at TELUS and La Caisse who worked diligently, innovatively and collaboratively to bring this important initiative to fruition.”
Under the terms of a pre-closing reorganization to be completed by TELUS, Terrion will emerge as Canada’s largest dedicated tower operator, with roughly 3,000 sites across British Columbia, Alberta, Ontario and Quebec. Having a single company focused on tower expansion and developing new industry-wide partnerships will positively impact all wireless providers’ abilities to enhance coverage, capacity and service improvements for Canadians. Terrion will enter into an agreement to lease capacity on the towers to TELUS for an initial period of 8 years, with renewal options thereafter, ensuring seamless access to existing and new towers. TELUS will hold a 50.1% equity interest in Terrion, with La Caisse holding the remaining 49.9%. Aside from existing leases, Terrion will be unlevered at closing. TELUS will consolidate Terrion’s results into its financial statements.
“With this investment, we are partnering with TELUS to establish Canada’s largest dedicated wireless tower operator, an important step in strengthening the country’s digital connectivity and mobile network resilience,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. “La Caisse brings a combination of telecom sector expertise, long-term capital and an active asset management approach to help establish Terrion as a full-fledged player and position it for long-term growth. This landmark transaction complements our existing portfolio of tower companies across the United States, Europe and New Zealand.”
“We are privileged to partner with La Caisse, a preeminent Canadian pension fund with meaningful tower experience and a strong record of execution that shares our commitment to stewardship and to advancing connectivity and prosperity across Canada,” said Eros Woody Spadotto, Chief Executive Officer of Terrion. “With nearly 3,000 sites — including coverage in six of the country’s top seven metropolitan areas — we are proud to become Canada’s leading dedicated tower company. Together, we’re building the digital foundation for a stronger, more connected future — one that’s built for excellence, inspired by partnership and driven by innovation.”
Terrion will deliver high-performance wireless towers and rooftop installations, purpose-built for scalable, multi-tenant use and next-generation technologies that will forge the backbone of Canada’s digital future. Terrion will seamlessly blend cutting-edge tower technology, relentless innovation and sleek design to meet the unique challenges of modern connectivity in urban landscapes and rural environments alike.
