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Canadian Funds Reportedly Bid for a Stake in TELUS Towers—What Happened Next

A July 2025 report named OMERS, BCI and Brookfield in talks over TELUS towers. The completed deal was with La Caisse, which acquired 49.9% of Terrion.
From TheFinanceBase Team3 min to read
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In July 2025, a report said OMERS, BCI and Brookfield were in talks to buy part of TELUS’s tower network. They were not the buyers in the completed deal: TELUS later agreed to sell La Caisse a 49.9% interest in Terrion for approximately C$1.26 billion, and the transaction closed on September 11, 2025.

What was reported in July 2025?

On July 18, MobileSyrup reported, citing The Globe and Mail and unnamed sources, that OMERS, BCI and Brookfield were in talks to acquire a stake in about 3,000 TELUS towers. The report described an ongoing process, not a signed transaction, and said there was no certainty that the discussions would produce a deal. Its account of the interested funds should therefore be read as reported information, not as a confirmed list of eventual investors. MobileSyrup’s July 18 report

Who bought the stake?

On August 1, 2025, TELUS announced a definitive agreement for La Caisse to acquire a 49.9% equity interest in Terrion and Terrion GP Inc. for approximately C$1.26 billion. TELUS said it would retain the remaining 50.1%. TELUS’s agreement announcement

TELUS announced that the transaction closed on September 11, 2025. The closing resolved the uncertainty in the earlier report; the named funds in the July account were not identified as the buyers in TELUS’s announcement of the completed transaction. TELUS’s closing announcement

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How the reported talks compare with the completed deal

Stage Buyer or participants Stake and value Status
July 18, 2025 report OMERS, BCI and Brookfield were reported to be in talks, according to MobileSyrup’s account of The Globe and Mail and unnamed sources. Reported as a 49% stake; the report described a roughly C$1.2 billion deal. Talks were ongoing; no final deal was certain.
August 1, 2025 agreement La Caisse was the announced buyer. 49.9% equity interest in Terrion and Terrion GP Inc. for approximately C$1.26 billion, according to TELUS. Definitive agreement announced.
September 11, 2025 closing La Caisse acquired the interest; TELUS retained 50.1%, according to TELUS. TELUS said Terrion was valued at more than C$2.5 billion. Transaction closed.

The July report’s approximate stake and value were preliminary figures attributed to sources. They are distinct from the final announced terms and should not be treated as the transaction’s closing price or exact ownership percentage. MobileSyrup’s July report TELUS’s agreement announcement TELUS’s closing announcement

What does the Terrion stake include?

Terrion holds the passive macro wireless infrastructure commonly called cell towers. The deal concerned an equity interest in that infrastructure company, not a sale of TELUS’s entire mobile network. TELUS said it retained majority ownership and ownership and control of the active network components and security systems. TELUS’s agreement announcement

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TELUS and La Caisse described the partnership as supporting wholesale access and third-party co-location on the tower assets. Those are the companies’ stated aims; their announcements do not independently establish how the deal affects competition, coverage or customer service.

What the transaction means for TELUS’s finances

TELUS said the approximately C$1.26 billion in proceeds would accelerate deleveraging. In its closing announcement, the company said the transaction reduced TELUS’s net debt by C$1.26 billion. It also described Terrion’s value as more than C$2.5 billion. These are TELUS’s reported figures, not independent valuations. TELUS’s closing announcement

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How large is Terrion’s tower portfolio?

TELUS described Terrion as having 3,000 sites across Canada in its September 11, 2025 closing announcement. TELUS president and CEO Darren Entwistle called it “Canada’s largest dedicated wireless tower operator.” The site count and ranking are TELUS’s stated figures and characterization; the company announcement does not provide an independent measurement. TELUS’s closing announcement

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