Terrion

Terrion is a Canadian wireless tower operator established in 2025 as a result of a strategic partnership between TELUS Corporation and La Caisse de dépôt et placement du Québec (CDPQ). Headquartered in Montreal, the company was formed when TELUS, a major Canadian telecommunications company, carved out its passive macro wireless infrastructure assets. In a transaction valued at over $2.5 billion, CDPQ, Canada's second-largest pension fund, acquired a 49.9% equity interest for approximately $1.26 billion, with TELUS retaining a controlling 50.1% stake.

The deal established Terrion as Canada's largest dedicated wireless tower operator, managing a portfolio of roughly 3,000 cell tower and rooftop sites across British Columbia, Alberta, Ontario, and Quebec. While Terrion owns and manages the physical tower infrastructure, TELUS retains full ownership and control of all its active network components and security systems. The company's business model centers on specializing in infrastructure development, site management, and providing wholesale access and co-location services to other wireless carriers. This allows other telecom providers to leverage the infrastructure on a wholesale basis, aiming to enhance wireless competition in Canada. The new entity is led by CEO Eros "Woody" Spadotto, a former TELUS executive.

For TELUS, the creation of Terrion was a strategic move to unlock the value of its infrastructure assets and accelerate deleveraging, using the proceeds to reduce its net debt. The partnership enables TELUS to focus on its core service offerings and next-generation connectivity while Terrion specializes in the passive infrastructure. For CDPQ, the investment complements its existing global portfolio of tower companies. Terrion will deliver high-performance wireless towers and rooftop installations designed for scalable, multi-tenant use and next-generation technologies.

Keywords: wireless infrastructure, cell tower operator, telecommunications, wholesale access, co-location, passive infrastructure, asset monetization, digital connectivity, network resilience, telecom infrastructure