UPDATE TELUS (NYSE: TU), based in Vancouver, has agreed to sell a 49.9 percent stake in Terrion LP and its general partner to La Caisse, Canada’s second-largest pension fund, for about $1 billion. This deal values Terrion at over $1.8 billion and is expected to reduce TELUS’ net debt by around $1 billion.
Terrion, a newly established tower operator based in Montreal, will hold passive cell tower assets being spun off from TELUS’s wireless business. According to the partners, Terrion will become Canada’s largest dedicated tower operator, managing approximately 3,000 sites in British Columbia, Alberta, Ontario, and Quebec, including coverage in six of the country’s seven metropolitan areas. The transaction is expected to close before the end of Q3 2025, subject to regulatory approvals and other standard closing conditions.
Terrion will enter into an agreement to lease capacity on these towers to TELUS as the anchor tenant for an initial term of eight years, with options for renewal. This arrangement is designed to provide TELUS with ongoing access to both existing and future towers. TELUS will continue to own and control all active network components and site security systems.
Terrion will enable other Canadian wireless carriers to access TELUS’s infrastructure on a wholesale basis to grow their mobility services. Terrion plans to offer wireless towers and rooftop installations built for scalable, multi-tenant use and support for next-generation technologies, aligning with federal objectives to improve national connectivity and digital infrastructure.
By John Celentano, Inside Towers Business Editor
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