Telecommunications giant TELUS unveils collaboration with La Caisse, enabling them to acquire nearly half of Terrion, a fresh Canadian wireless tower venture, for an estimated $1.26 billion
TELUS Corporation and La Caisse have announced a significant partnership that will see the creation of Terrion, Canada's largest dedicated wireless tower operator. This joint venture will hold approximately 3,000 macro-cell sites across key provinces, including Quebec, British Columbia, Alberta, and Ontario.
La Caisse is acquiring a 49.9% stake in Terrion for approximately CAD 1.26 billion, while TELUS retains a controlling 50.1% interest and full ownership of all active radio and transmission equipment. This structure ensures that TELUS maintains operational control of its mobile network, while Terrion focuses on managing and expanding passive wireless infrastructure.
The partnership aligns with federal objectives to strengthen national digital infrastructure and connectivity. By separating tower assets into Terrion, TELUS can concentrate on innovative service offerings and enhancing connectivity directly for its customers, while Terrion focuses on infrastructure development and leasing capacity to multiple carriers on a wholesale basis. This approach fosters competition and infrastructure sharing in Canada.
Terrion will specialize in managing and expanding passive wireless infrastructure, focusing on scalable, multi-tenant designs that support next-generation wireless technologies and urban/rural connectivity challenges. By adopting a multi-tenant approach, Terrion aims to improve coverage, capacity, and service quality across both metropolitan and rural areas, reduce duplication of infrastructure, and accelerate the deployment of next-gen wireless technologies like 5G and beyond.
The partnership is expected to enhance mobile network resilience by fostering infrastructure innovation, increasing investment in tower technology, and ensuring better access to quality infrastructure for multiple carriers across Canada. TELUS retaining control of active network elements maintains leadership in network reliability and security while benefiting from the financial boost, which supports further investment in wireless network improvements.
The proposed transaction is subject to regulatory approvals and other customary closing conditions, expected to be received before the end of Q3, 2025. The partnership aims to enhance national wireless competition in Canada. However, there can be no assurance that the benefits expected to result from the proposed transaction will be fully realized.
[1] TELUS Corporation. (2023). TELUS Corporation and La Caisse enter into definitive agreement for the sale of a 49.9% equity interest in Terrion LP and its general partner, Terrion GP Inc. Retrieved from https://www.telus.com/about/newsroom/news-releases/2023/telus-corporation-and-la-caisse-enter-into-definitive-agreement-for-the-sale-of-a-499-equity-interest-in-terrion-lp-and-its-general-partner-terrion-gp-inc
[2] La Caisse de dépôt et placement du Québec. (2023). La Caisse invests CAD 1.26 billion in Terrion, a new Canadian wireless tower company. Retrieved from https://www.lacaisse.com/en/news-and-insights/press-releases/la-caisse-invests-cad-1-26-billion-in-terrion-a-new-canadian-wireless-tower-company
[3] Canadian Wireless Telecommunications Association. (2023). TELUS and La Caisse announce partnership to create Canada’s largest dedicated wireless tower operator. Retrieved from https://www.cwt.ca/news/telus-and-la-caisse-announce-partnership-to-create-canadas-largest-dedicated-wireless-tower-operator
[4] Innovation, Science and Economic Development Canada. (2023). TELUS and La Caisse to create Canada’s largest dedicated wireless tower operator. Retrieved from https://www.ic.gc.ca/eic/site/062.nsf/eng/00143.xml
- The new company, Terrion, will specialize in managing and expanding passive wireless infrastructure, supporting next-generation wireless technologies and addressing urban/rural connectivity challenges.
- The partnership between TELUS Corporation and La Caisse is expected to enhance mobile network performance by investing in tower technology and fostering infrastructure innovation.
- The joint venture, Terrion, will lease capacity to multiple carriers on a wholesale basis, facilitating infrastructure sharing in Canada.
- The financial boost from the partnership will allow TELUS to make further investments in wireless network improvements, maintaining their leadership in network reliability and security.
