A strategic partnership is reshaping Canada’s telecom infrastructure landscape. Telus and la Caisse de dépôt et placement du Québec (CDPQ) have finalized a major deal: la Caisse is acquiring a 49.9% stake in the newly formed cell tower operator, Terrion, for $1.26 billion, while Telus retains majority control with 50.1%.
The rise of a national leader?
This transaction, which values Terrion at over $2.5 billion, instantly positions the new Montreal-based entity as Canada’s largest dedicated wireless tower operator. Terrion will manage approximately 3,000 cell tower sites currently owned by Telus, located across British Columbia, Alberta, Ontario, and Quebec, covering six of the country’s seven largest metropolitan areas.
The stated goal is to boost competition in Canada’s wireless market. Terrion will provide wholesale access and colocation opportunities to all mobile providers, allowing them to use this critical infrastructure to expand their own network coverage.
A strategic alliance with wide-reaching benefits
For Telus, this transaction is much more than a partial asset sale. “This transformational partnership creates significant value (…) and improves connectivity for our customers,” said Darren Entwistle, CEO of Telus. The proceeds from the sale (1.26 billion dollars) will be immediately reinvested to accelerate the telecom giant’s debt reduction, targeting a net debt to EBITDA ratio of 3.0 times by 2027.
Telus is thus refocusing on its core business, operating its advanced mobile network of which it retains full ownership of the active components, and developing innovative services. Terrion meanwhile will specialize in managing and expanding passive infrastructure.
La Caisse, a well-known pension fund manager, brings much more than capital to the table. “We are partnering with Telus to establish the country’s largest tower operator an important step in strengthening digital connectivity,” emphasized Emmanuel Jaclot, Head of Infrastructure at la Caisse. Its international expertise in telecom and towers with presence in the US, Europe, and New Zealand, patient capital, and active management approach are key assets for Terrion’s future growth.
Next steps
The transaction, subject to customary regulatory approvals, is expected to be completed before the end of the third quarter of 2025. It reflects a global trend where telecom operators outsource the management of their passive infrastructure to focus on their services, while fostering investment and competition. Canada is thus gaining a new key player to support its digital development.
