Prior notification of a concentration (Case M.12133 – LA CAISSE / TELUS / TERRION) – Candidate case for simplified procedure
Date: 2025-08-19
Institutions: Directorate-General for Competition, European Commission
Subjects: Canada, economic concentration, holding company, investment company, lease, maintenance, merger control, telecommunications equipment, transmission network








C_202504680EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/4680


19.8.2025






Prior notification of a concentration
(Case M.12133 – LA CAISSE / TELUS / TERRION)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/4680)


1.   
On 11 August 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Caisse de dépôt et placement du Québec (‘La Caisse’), Canada,










—


TELUS Corporation (‘TELUS’), Canada,










—


Terrion GP Inc. and Terrion LP (‘Terrion’), Canada.




La Caisse and TELUS will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Terrion.
The concentration is accomplished by way of purchase of shares and by way of purchase of securities.


2.   
The business activities of the undertakings concerned are the following:






—


La Caisse is a long-term institutional investor that manages funds of its depositors, primarily comprised of public and parapublic pension and insurance plans from Québec.










—


TELUS is a publicly traded Canadian holding company headquartered in Vancouver, British Columbia. Through its subsidiaries, TELUS provides a wide range of services, including wireless, internet, television, and healthcare solutions, serving millions of customers across Canada.






3.   

The business activities of Terrion are the following: the leasing, managing, operating, maintaining or developing of macro ground towers, macro roof tops, micro cells and related wireless infrastructure in Canada.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12133 – LA CAISSE / TELUS / TERRION
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/4680/oj
ISSN 1977-091X (electronic edition)