BCE announces partnership with La Caisse, which will acquire 49.9% stake in Bell wireless tower infrastructure company

BCE (NYSE: BCE) Inc. (NYSE: BCE) TSX: BCE), Canada's largest communications company¹, announced today that its wholly owned subsidiary Bell Canada ("Bell") has entered into a definitive agreement with global investment group La Caisse, which will acquire a 49.9% stake in a newly formed wireless tower infrastructure company for a purchase price of CAD $2.45 billion, subject to customary adjustments. The transaction values the tower company at approximately $4.91 billion and surfaces significant value in BCE's infrastructure.

The partial monetization of Bell's passive wireless infrastructure assets is consistent with BCE's long-term capital allocation strategy set out at Investor Day 2025, including its commitment to a net debt leverage ratio of 3.5x² by the end of 2027 and its flexibility to fund key growth areas, including AI-powered solutions.

The new wireless tower infrastructure company, "TowerCo", will own and operate Bell's portfolio of wireless infrastructure assets, making it Canada's largest dedicated tower company with more than 5,000 sites across the country. The Montréal-headquartered company will focus on growing the business through new site builds, site densification and third-party colocation.

Under the terms of the agreement, TowerCo will lease capacity on the transferred towers to Bell. Bell will retain a 50.1% controlling equity interest in TowerCo, with La Caisse holding the remaining 49.9%. TowerCo is expected to have no financial debt at closing and its financial results will be consolidated by Bell into its financial statements.

Bell will retain full ownership and control of its spectrum, all active network equipment and owned land. Bell will maintain access to existing sites through long-term agreements and TowerCo will develop new sites for Bell as needed, ensuring continued delivery of high-quality, reliable wireless services to Canadians.

The transaction is expected to close in the first quarter of 2027, following receipt of regulatory approvals and satisfaction of other customary closing conditions.

Quotes
"This partnership unlocks the significant value embedded in our infrastructure assets while continuing to operate the award-winning wireless network our customers rely on every day. As we have consistently communicated since early 2025, our approach is to strengthen our balance sheet, invest in growth and deliver total returns to shareholders. This transaction is in keeping with that approach, and the proceeds will be used to execute against this very clear strategy."

- Mirko Bibic, President and CEO of BCE and Bell Canada

"A telecom tower can carry more than one network. By making this infrastructure available to different service providers, we can strengthen coverage, improve overall system efficiency, hence helping more people access the connectivity they rely on every day. Bell's extensive footprint and La Caisse's global digital infrastructure expertise will give this new platform the focus and long-term perspective to grow."

- Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse

"At TowerCo, we're building a dedicated team exclusively focused on the development, operation and long-term growth of premier wireless tower infrastructure across Canada. By partnering with La Caisse on a clear mandate, we are well positioned to grow this infrastructure portfolio and support future network deployment to provide the connectivity that matters most to Canadians."

- J. Bruce Furlong, CEO, TowerCo