TELUS closes deal with La Caisse, which has acquired a 49.9% interest in Canadian wireless tower infrastructure operator Terrion

Transaction successfully establishes Terrion as Canada's largest dedicated wireless tower operator, enabling tower access and co-location in support of national wireless competition in Canada

TELUS will retain majority ownership of Terrion as proceeds used to accelerate deleveraging 

VANCOUVER, BC and MONTREAL, Sept. 11, 2025 /CNW/ - TELUS Corporation ("TELUS") today announced that it has closed its previously announced transaction with La Caisse, a global investment group and Canada's second-largest pension fund, which has acquired a 49.9% equity interest in each of Terrion LP ("Terrion") and its general partner, Terrion GP Inc., for approximately $1.26-billion. The transaction values Terrion at over $2.5 billion and will reduce TELUS' net debt by $1.26 billion, or by approximately 0.17x of TELUS' current net debt-to-EBITDA ratio, accelerating deleveraging and advancing TELUS' progress toward robust and long-term sustainable growth.

"Today's announcement marks a significant milestone for both TELUS and Canada's telecommunications industry as a whole," said Darren Entwistle, President and CEO of TELUS. "Indeed, with 3,000 sites across the country and growing, Terrion is Canada's largest dedicated wireless tower operator. This unique partnership not only supports national wireless competition through wholesale access, but also unlocks significant value for TELUS shareholders by strengthening our balance sheet and accelerating our deleveraging program. Moving forward, I have every confidence that CEO Eros Spadotto and our Terrion team will deliver remarkable results that elevate coverage, capacity and service for Canadians from coast to coast to coast through strategic investments in wireless broadband infrastructure that yield attractive economic returns."

"With experienced teams and a portfolio of nearly 3,000 sites, Terrion is ideally positioned to accelerate its growth as the largest dedicated wireless tower operator in the country," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse. "Our goal is to expand its asset base through the construction and acquisition of new towers, while welcoming additional mobile network operators as new customers to improve connectivity and service offerings for Canadians."

"Terrion's objectives are clear: to foster a more efficient and collaborative wireless ecosystem that unlocks value for Canadians and Canadian operators," said Terrion CEO Eros Spadotto. "Working closely with municipalities, developers and suppliers, we are enabling smarter urban planning and accelerating wireless service delivery across communities to help catalyze the digital economy, support the deployment of world-leading technology and offer the best possible wireless experience today and for years to come."

For more information about Terrion, visit Terrion.com.

Forward-Looking Statements

This news release contains forward-looking statements relating to, among other things, future events pertaining to the transaction, including the expected use of proceeds from the transaction, and the realization of expected benefits to TELUS, including deleveraging, its shareholders and Canadian consumers. The terms TELUS, we, us and our refer to TELUS Corporation, and, where the context of the narrative permits or requires, its subsidiaries. Forward-looking statements include any statements that do not refer to historical facts, including statements relating to the transaction. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, predict, seek, should, strive and will. These statements are made pursuant to the "safe harbour" provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995.

By their nature, forward-looking statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, our actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements or could cause our current objectives, strategies and intentions to change. There is significant risk that the forward-looking statements will not prove to be accurate.

Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Among the factors that could cause actual results to differ materially include, but are not limited to the possibility that TELUS may not realize any or all of the anticipated benefits from the transaction, as well as the other risk factors as set out in our 2024 annual management's discussion and analysis and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on EDGAR at sec.gov). Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by applicable law, TELUS disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Forward-looking statements are set forth herein for the purpose of giving information about the transaction and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. There can also be no assurance that the benefits expected to result from the transaction will be fully realized.

This cautionary statement qualifies all of the forward-looking statements in this document.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 157 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring 'give where we live' philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world's most giving company. We're always building Canada. For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

About La Caisse

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec's economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2025, La Caisse's net assets totalled CAD 496 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

For more information, please contact:

TELUS Investor Relations
Ian McMillan
[email protected] 

TELUS Media Relations
Tricia Lo
[email protected]

La Caisse Media Relations
+ 1 514 847-5493
[email protected]

SOURCE TELUS Corporation