News Summary

Telus has entered a significant deal to spin off its cell tower business by selling a 49.9% stake in its new tower operator, Terrion, to the Canadian pension fund manager, La Caisse de dépôt et placement du Québec (CDPQ), for $1.26 billion. This transaction values the new business, Terrion, at over $2.5 billion. The move is part of Telus’ strategy to reduce its net debt by about $1.26 billion and focus on next-generation connectivity services. Terrion will own approximately 3,000 wireless tower sites across B.C., Alberta, Ontario, and Quebec, with Telus retaining a 50.1% stake. Telus will lease space on these towers, facilitating wholesale access to competitors, which could enhance wireless competition in Canada. The deal is expected to close by Q3 2025. Eros “Woody” Spadotto, a former Telus executive, has been appointed as CEO of Terrion.