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BCE Inc., Bell’s parent company, and PSP Investments have created Network FiberCo, a jointly owned wholesale fibre-infrastructure platform for underserved U.S. markets. BCE owns 49% through its U.S. telecom subsidiary, Ziply Fiber, while PSP Investments owns 51% through its High Inflation Correlated Infrastructure Portfolio (HICI). Ziply is expected to serve as the exclusive internet-service provider for locations reached by the new network.
This is not a conventional Bell-branded U.S. internet launch. It is an infrastructure partnership intended to separate fibre-network construction and ownership from retail broadband operations.
The deal in brief
| Detail | Announced or planned figure |
|---|---|
| Announcement | May 8, 2025 |
| Infrastructure company | Network FiberCo |
| BCE ownership | 49%, through Ziply Fiber |
| PSP Investments ownership | 51%, through HICI |
| PSP potential commitment | More than US$1.5 billion |
| Initial development target | Approximately 1 million fibre passings in Ziply’s existing states |
| Additional potential development | Up to 5 million passings |
| Potential total Ziply reach | Up to 8 million U.S. fibre passings |
The figures above are targets and potential commitments described by BCE and PSP—not a report that all of those locations have already been built or connected. BCE’s announcement said the partnership was expected to close in the second half of 2025, subject to customary conditions and the completion of BCE’s Ziply acquisition.
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PSP Investments through HICI — 51% ┐
├─ Network FiberCo
BCE through Ziply Fiber — 49% ┘
Network FiberCo: develops and owns wholesale fibre infrastructure
Ziply Fiber: operates as the ISP and serves customersNetwork FiberCo is intended to develop last-mile fibre networks outside Ziply Fiber’s existing service areas. The platform would own and operate the network infrastructure, while Ziply would use that network to provide retail broadband service.
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That wholesale structure is the central feature of the transaction. Network FiberCo should not be confused with a new consumer ISP competing under the Bell name, nor with Bell’s Canadian fibre construction.
Who are the companies involved?
BCE and Bell
BCE Inc. is Bell’s parent company. In this transaction, BCE’s 49% interest is held indirectly through Ziply Fiber rather than directly by the Bell consumer brand.
Ziply Fiber
Ziply Fiber is a U.S. telecom operator serving the Pacific Northwest with fibre broadband and related communications services. BCE completed its acquisition of Ziply on August 1, 2025. BCE said the acquisition added approximately 1.4 million U.S. fibre locations and provided a platform for further expansion. BCE’s acquisition-completion release described the deal as part of its broader U.S. fibre strategy.
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PSP Investments is the Public Sector Pension Investment Board, a large Canadian pension investor. It is not the Canada Pension Plan Investment Board and is not entering this partnership as a retail telecommunications operator. Its role is primarily to provide infrastructure-investment capital and financial expertise.
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How the financing is intended to work
The announced financing model is designed to share the cost of expansion:
- Network FiberCo raises its own non-recourse debt.
- BCE and PSP fund the equity required for expansion in proportion to their ownership interests.
- Network FiberCo develops the fibre infrastructure.
- Ziply operates as the long-term ISP partner and pays for wholesale network access or related services.
In general, non-recourse debt means lenders’ claims are primarily limited to the project company’s assets and cash flows, rather than automatically extending to the entire balance sheets of BCE or PSP. The available announcement does not establish the partnership’s final leverage, interest rates, covenants, refinancing arrangements or construction schedule. It would therefore be inaccurate to describe the project as completely insulated from BCE’s financial risks or to assume that the debt has no effect on the group’s overall exposure.
PSP said it had agreed to a potential commitment exceeding US$1.5 billion. “Potential commitment” does not necessarily mean that this entire amount had already been invested.
What “fibre passings” means
A fibre passing generally refers to a home or business location that a network can reach or serve. It does not mean:
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- the location is an active paying subscriber;
- fibre has necessarily been connected inside the premises;
- an installation has been completed; or
- the network has generated revenue from that address.
A passed location may still require a drop connection, customer equipment, installation and a customer sign-up. Consequently, the proposed 1 million, 5 million and 8 million figures should not be read as subscriber counts or completed household connections.
Where will the network be built?
The partnership announcement refers broadly to underserved U.S. markets and to Ziply’s existing states, with an association to its Pacific Northwest footprint and growth markets. It does not provide a complete construction map, definitive list of cities or a fully documented build schedule.
“Underserved” also does not necessarily mean completely unserved. A target market may already have cable, fixed wireless, satellite, DSL or competing fibre service, while still lacking the capacity, speeds or competitive choice that a new fibre network could provide.
Why BCE wants the partnership
For BCE, Network FiberCo offers a way to pursue U.S. broadband growth without financing the entire expansion alone. The potential strategic advantages include:
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- Shared investment: PSP bears the majority ownership and supplies substantial infrastructure capital.
- Operating expertise: BCE contributes telecom experience and Ziply’s existing U.S. operating platform.
- Potentially more flexible financing: project-level debt may support expansion without placing all network borrowing directly at BCE’s operating company.
- Expansion beyond the incumbent footprint: the platform is intended to reach new markets rather than merely maintain Ziply’s existing network.
- Scale: BCE said the strategy could eventually take Ziply’s reach to as many as 8 million U.S. fibre locations.
These are strategic objectives, not guaranteed outcomes. BCE continues to identify risks involving Ziply’s expansion, competition, regulation, capital access, foreign-exchange movements, integration and the ability to generate expected returns. BCE’s 2025 results and 2026 targets release discusses relevant risk factors.
Why PSP Investments wants fibre exposure
For PSP, the partnership provides exposure to U.S. fibre infrastructure—an asset class that can produce long-lived network cash flows and may have some inflation-related characteristics.
Fibre is not risk-free or automatically inflation-protected. Returns depend on construction costs, customer uptake, wholesale pricing, regulation, competition, debt costs and the economics of serving lower-density communities. PSP’s 51% ownership also means it is the majority owner, while BCE does not control Network FiberCo outright.
What it could mean for U.S. consumers
If the planned construction occurs, consumers in selected markets could gain access to more fibre broadband, higher-speed connections or another alternative to cable, fixed wireless, DSL and legacy copper networks. Some markets could also see greater competition.
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Nothing in the announcement guarantees a particular:
- consumer price;
- internet speed;
- completion date;
- service address;
- installation experience; or
- choice of retail internet providers.
In particular, the announcement identifies Ziply Fiber as the exclusive ISP partner for locations passed by Network FiberCo. A wholesale network therefore does not automatically mean that every competing ISP will be able to sell service over it.
Current status and what remains unknown
The partnership was announced on May 8, 2025, and BCE completed the Ziply Fiber acquisition on August 1, 2025. BCE’s 2025 integrated annual report continued to describe Network FiberCo—with PSP owning 51% and BCE owning 49%—as part of its U.S. fibre-growth strategy. BCE’s 2025 integrated annual report retained the language of potential and future expansion.
The cited public materials do not establish the exact number of Network FiberCo locations constructed, passed or activated as of September 14, 2026. The 8-million-location figure should therefore remain a potential long-term reach, not a confirmed current network total.
Key risks to the plan
- Construction delays, permitting problems, right-of-way disputes or cost overruns.
- Lower-than-expected customer take-up in rural or lower-density markets.
- Competition from cable, incumbent telecom operators, fixed wireless and satellite providers.
- Changes to U.S. broadband regulation, subsidies or deployment requirements.
- Difficulty integrating and expanding Ziply within BCE’s broader strategy.
- Higher interest rates, refinancing pressure or restrictive project-level debt covenants.
- Foreign-exchange exposure between U.S.-dollar operations and BCE’s reporting currency.
- Network underutilization if construction outpaces demand.
- Labour, supply-chain, weather and community-opposition challenges.
What the deal is—and is not
Network FiberCo is best understood as a jointly owned infrastructure-financing and network-expansion platform:
Quick Recap
- It is: a 49%-49%/51% partnership between BCE through Ziply and PSP Investments through HICI to develop wholesale U.S. fibre.
- It is not: a new Bell-branded retail ISP, a guarantee that 8 million locations are already connected, or proof that every new network location will offer multiple retail providers.
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