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On August 1, 2025, TELUS Corporation announced a definitive agreement to sell a 49.9% equity interest in Terrion LP and its general partner Terrion GP Inc. to La Caisse for approximately $1.26 billion. Terrion is a newly formed tower operator based in Montreal that will own around 3,000 passive macro wireless infrastructure sites across British Columbia, Alberta, Ontario, and Quebec, carved out from TELUS’ assets. TELUS will retain all active network components and continue to lease tower access under an initial 8-year agreement with renewal options. The deal values Terrion at over $2.5 billion and will reduce TELUS’ net debt by $1.26 billion, improving its net debt-to-EBITDA ratio by 0.17x. TELUS will retain a 50.1% stake and consolidate Terrion’s financials. The transaction creates Canada’s largest independent wireless tower operator, supporting greater wholesale access and co-location to improve national coverage. Veteran telecom executive Eros “Woody” Spadotto will serve as CEO of Terrion.
TELUS was advised by TD Securities Inc., Allen Overy Shearman Sterling LLP, and Osler, Hoskin & Harcourt LLP, whose cross-disciplinary team included experts in corporate, technology, real estate, tax, regulatory, employment, compensation, pensions, and privacy. La Caisse was represented by Stikeman Elliott LLP and advised on financing matters by National Bank Financial Markets.
The transaction was completed on September 11, 2025.
Parties
Company
TELUS Corporation
Company
La Caisse
Deal Type
Merger & AcquisitionIndustry
InfrastructureTransaction
$ 1,260,000,000Deal Status
ClosedClosing Date
11 September 2025