Canadian telco Telus has finalized the sale of a 49.9 percent stake in its tower unit, Terrion, to investment firm La Caisse for CA$1.26 billion ($910 million).

The deal, which was announced last month, values Terrion at more than CA$2.5 billion ($1.8bn) and will reduce Telus’ net debt by $1.26 billion, claims Telus.

Montreal-based Terrion consists of passive macro wireless infrastructure assets, commonly known as cell towers. In total, the company will operate around 3,000 sites across British Columbia, Alberta, Ontario, and Quebec.

As such, Telus will retain full ownership and control of all active network components and security systems. The carrier will have a 50.1 percent stake in Terrion.

“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.”

Terrion will be led by its CEO, Eros Spadotto.

La Caisse also has investments in tower companies across the United States, Europe, and New Zealand.

Founded in 1990, Telus serves more than ten million mobile subscribers across the country. The carrier also sells fiber broadband and TV subscription services.