The Globe and Mail reports in its Thursday edition that Telus has put a stake in its countrywide cellphone tower network up for sale with an estimated $1-billion-plus price tag, as Canada's three biggest telcos attempt to raise cash to pay down debt. The Globe's Andrew Willis and Irene Galea write that Telus hired TD Securities to pitch institutional investors and tower owners on acquiring a 49.9-per-cent stake in its 3,000-tower portfolio. The investment bank launched the auction in February under the code name Project Air and sent potential buyers a pitch book detailing the division's financial performance. Telus's tower network had estimated revenue of $160-million last year and cash flow of $110-million. TD is targeting private equity funds, pension plans, and U.S. and European tower operators. Telus chief financial officer Doug French said the company is assessing interest in its "redundant" assets. The potential sales would bring the Canadian telcos in line with their global peers, which have been selling their towers and other network infrastructure for decades. Analysts estimate a Telus tower spinout could bring the company between $1-billion and $1.5-billion. Telus currently has about $29-billion of debt.