Telus Plans $1B Sale of Wireless Towers

TELUS Corp., one of Canada's largest wireless carriers, is exploring the sale of a minority stake in its wireless tower infrastructure, which could amount to nearly $1 billion. The company aims to enhance its financial flexibility and reduce debt as it seeks to achieve a leverage target ratio of three times net debt to EBITDA by 2027. This strategic initiative comes amidst rising concerns over high wireless rates in Canada, with TELUS's tower network generating significant revenue and cash flow. The potential sale, targeting private equity firms and other investors, involves offering up to 49.9% of its approximately 3,000 towers. Executives emphasize that proceeds from the sale will be fully allocated to debt reduction, reflecting a commitment to sustainable growth and stakeholder value. Analysts indicate that the overall portfolio could be valued between $1 billion and $3 billion, drawing interest from competitors like Bell and Rogers as they monitor TELUS's market moves.