OTTAWA (dpa-AFX) - TELUS has entered into a definitive agreement with La Caisse, Canada's second-largest pension fund, who will acquire a 49.9% equity interest in each of Terrion LP and its general partner, Terrion GP Inc., for approximately $1.26 billion. The transaction values Terrion LP at over $2.5 billion and is expected to reduce TELUS' net debt by approximately $1.26 billion. TELUS will hold a 50.1% equity interest in Terrion.
Terrion LP 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. Under the terms of a pre-closing reorganization, Terrion will emerge as Canada's largest dedicated tower operator, with roughly 3,000 sites across British Columbia, Alberta, Ontario and Quebec. 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.
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