Canadian operator Telus has confirmed ongoing discussions with financial advisors regarding the potential sale of a minority stake in its wireless tower portfolio — a move aimed at improving its balance sheet. CEO and President Darren Entwistle stated that the company is evaluating options to monetize its infrastructure assets, emphasizing that any transaction would need to meet Telus’ economic expectations while enhancing network efficiency.
Though specific terms were not disclosed, The Globe and Mail reported that Telus could sell up to 49.9% of its 3,000 towers, potentially generating over CAD 1 billion (approximately $700 million). The company is said to be engaging private equity firms, pension funds, and international telecom infrastructure investors.
Entwistle noted that 100% of the proceeds would be used to reduce debt. CFO and EVP Doug French added that the initiative supports Telus’ target of achieving a net debt-to-EBITDA ratio of 3x by 2027 and will allow the company to wind down its discounted dividend reinvestment program. “This represents a distinct opportunity to create significant value for our stakeholders, including our customers, investors, and Canadians coast to coast,” said French
Telus’s consideration of selling a minority stake in its wireless tower portfolio aligns with a broader trend among telecommunications companies seeking to monetize infrastructure assets to reduce debt and fund growth initiatives.
For example, Verizon stuck a $3.3 Billion Tower Deal with Vertical Bridge in September 2024 to lease the rights to operate and manage over 6,300 towers to Vertical Bridge for $3.3 billion. Verizon retained ownership of the towers and entered a 10-year lease-back agreement as the anchor tenant.
That same month, American Tower Corporation completed the sale of its Indian operations to Data Infrastructure Trust, sponsored by Brookfield Asset Management, for approximately $2.5 billion. This transaction included around 76,000 towers in India.
