BCE (NYSE: BCE) agrees to sell 49.9% of new tower company to La Caisse

What happened

BCE Inc. (NYSE: BCE) agreed to sell La Caisse a 49.9% stake in a new tower company for C$2.45 billion, subject to customary adjustments.

BCE announced on Oct. 27 that its wholly owned subsidiary Bell Canada signed the agreement with La Caisse, a global investment group.

TowerCo will own and operate Bell's wireless tower portfolio of more than 5,000 sites across Canada. It will lease capacity on those towers back to Bell. Bell will keep a 50.1% controlling stake and consolidate TowerCo's results. TowerCo is expected to have no financial debt at closing.

Key numbers

Metric	Latest	Change	Source
Purchase price for La Caisse's stake	C$2.45 billion		SEC 6-K, Exhibit 99.1
Stake sold to La Caisse	49.9%		SEC 6-K, Exhibit 99.1
Stated TowerCo valuation	approximately C$4.91 billion		SEC 6-K, Exhibit 99.1
Bell's retained equity interest	50.1%		SEC 6-K, Exhibit 99.1
Net debt leverage ratio target, end of 2027	3.5x		SEC 6-K, Exhibit 99.1

Read more: BCE (BCE) company research

Why it matters

The deal turns part of BCE's tower assets into cash while Bell keeps control of the network. The release values TowerCo at approximately C$4.91 billion.

BCE calls the sale a partial sale of passive wireless infrastructure that fits the capital allocation strategy from Investor Day 2025. That strategy includes a net debt leverage ratio of 3.5x by the end of 2027 and room to fund growth areas, including AI-powered solutions. CEO Mirko Bibic said the proceeds will strengthen the balance sheet, fund growth and deliver total returns to shareholders.

OptimistFi has argued that BCE's national network turns stable demand into cash flow that funds investment and the dividend. Bell keeps its spectrum, active network equipment and owned land, so the core of that argument stays intact. The sale adds a source of funds. That strengthens the case.

The deal is still pending. BCE says there is no assurance it will close on the expected terms or timeline, or that the expected benefits will be realized.

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What's next

The deal is expected to close in the first quarter of 2027, after regulatory approvals and other customary conditions. BCE says it could be changed, restructured or ended before then.

A close on the announced terms would put the C$2.45 billion in hand ahead of BCE's end-of-2027 target of a 3.5x net debt leverage ratio. A change in terms or a delay would weaken the case.

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