TELUS Partners with La Caisse for Terrion Acquisition
Deal News | Aug 01, 2025 | CDPQ
TELUS Corporation has announced a definitive agreement with La Caisse, Canada's second-largest pension fund, to acquire a 49.9% equity interest in Terrion LP and its general partner for $1.26 billion. Terrion, headquartered in Montreal, will become Canada's largest dedicated wireless tower operator, handling passive macro wireless infrastructure, or cell towers, carved out from TELUS's business. TELUS retains full control over active network components and security systems. The transaction is valued at over $2.5 billion and aims to reduce TELUS's net debt by approximately $1.26 billion. The partnership focuses on enhanced national wireless competition and connectivity. TELUS and La Caisse anticipate growth by specializing in infrastructure development. The transaction supports federal goals for digital infrastructure and requires regulatory approvals by late Q3 2025. Notable advisors in this transaction include firms like TD Securities Inc., Osler, and Stikeman Elliott.
Sectors
- Telecommunications
- Infrastructure
Geography
- Canada – The transaction takes place in Canada and involves Canadian companies TELUS and La Caisse. The new entity, Terrion, will operate across multiple Canadian provinces.
- United States – Indirectly mentioned through legal and financial structures and compliance with U.S. securities laws.
Industry
- Telecommunications – The article revolves around the creation of Terrion, a new entity that will become the largest dedicated wireless tower operator in Canada, which pertains directly to the telecommunications industry.
- Infrastructure – The partnership between TELUS and La Caisse involves significant infrastructure improvements in Canada's wireless tower sector, focusing on connectivity and digital infrastructure.
Financials
- $1.26 billion – The amount La Caisse is investing for a 49.9% stake in Terrion.
- $2.5 billion – The valuation of Terrion as part of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TELUS Corporation | Selling Company | Company | A leading Canadian telecommunications company, selling a 49.9% stake in Terrion to La Caisse. |
| La Caisse de dépôt et placement du Québec (CDPQ) | Bidding Company | PE Firm | Canada's second-largest pension fund, acquiring a significant stake in the newly formed Terrion. |
| Terrion LP | Target Company | Company | A newly established wireless tower operator in Canada, becoming the largest in the country after the transaction. |
| TD Securities Inc. | Financial Advisor | Company | Served as TELUS's exclusive financial advisor in the transaction. |
| Osler, Hoskin & Harcourt LLP | Legal Advisor | Company | Provided legal advisory services to TELUS in the transaction. |
| Eros Woody Spadotto | CEO of Terrion | Person | Appointed as the CEO of Terrion, overseeing its operations and growth. |
| Emmanuel Jaclot | Executive Vice-President at La Caisse | Person | Head of Infrastructure at La Caisse, involved in the strategic partnership with TELUS. |