TELUS collaborates with La Caisse in a $1.26 billion venture, focusing on wireless tower infrastructures
In a significant move, TELUS Corporation and La Caisse de dépôt et placement du Québec (La Caisse) have joined forces to create Terrion, a new tower operator headquartered in Montreal, Canada. This partnership makes Terrion the largest dedicated wireless tower operator in the country.
TELUS will hold a 50.1% equity interest in Terrion LP and its general partner Terrion GP Inc. On the other hand, La Caisse will acquire a 49.9% equity interest in Terrion for approximately CAD 1.26 billion. The transaction values Terrion LP at over $2.5 billion.
Terrion LP will hold the passive macro wireless infrastructure assets (cell towers) being separated from TELUS's business. These assets include around 3,000 wireless tower sites across British Columbia, Alberta, Ontario, and Quebec.
While TELUS will retain full ownership and control of all active network components and security systems, the partnership allows for wholesale access and co-location by third parties to support national wireless competition in Canada. This aligns with TELUS’s commitment to enhancing connectivity.
Financially, the deal is expected to reduce TELUS' net debt by approximately $1.26 billion, which corresponds to about 0.17x of TELUS’s current net debt-to-EBITDA ratio. This move is expected to accelerate deleveraging and achieve long-term sustainable growth for TELUS.
Key advisors involved in the deal include Damian Rigolo, Michelle Lally, Zach Rudge, Lynne Lacoursiere, Nick Guadagnolo, Jon Marin, Ted Liu, Alexia Magneron, Ryan Nielsen, Sandy Yeung, Simon Laughlin, Patrick Marley, James Chang, Sean Timlick, Alan Kenigsberg, Brett Anderson, Alex Gorka, Jeremy Wu, Shira Dveris, Jessica Redmond, Alexandra Alacchi, Douglass Dawson, and Jessie Armour, who provided employment law, regulatory affairs, executive compensation, retirement plans and benefits, technology, real estate law, tax, and corporate law advice to TELUS.
Adam LaRoche and Erika Romanow provided privacy advice to TELUS. The partnership between TELUS and La Caisse was announced on August 1, 2025.
With this transaction, Terrion becomes the largest tower operator in Canada, combining TELUS’s wireless infrastructure assets with La Caisse’s capital and telecom asset management expertise to establish a strong and dedicated tower operator in the country, strengthening the country’s mobile network resilience and competition.
- The partnership between TELUS and La Caisse, announced on August 1, 2025, has created Terrion, a significant player in the technology industry, becoming the largest dedicated wireless tower operator in the country's finance sector.
- With over $2.5 billion in value, Terrion, a new tower operator headquartered in Montreal, Canada, has a mix of technology, finance, and industry backgrounds, as TELUS has contributed its passive macro wireless infrastructure assets and La Caisse its capital and telecom asset management expertise.
