Harmoni Towers, a portfolio company of alternative asset manager Palistar Capital, has agreed to acquire Parallel Infrastructure from funds managed by affiliates of Apollo Global Management. The terms of the deal have not been disclosed. Going forward, the transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.
According to Harmoni, the transaction will create the fifth-largest tower company and the second-largest private independent tower company in the US, with more than 2,000 built and in-construction towers. The combined company will have infrastructure in a total of 41 states, with the capacity to build hundreds of towers per year.
Back in 2020 Apollo acquired Parallel through a corporate carve-out transaction via its second flagship infrastructure fund (AIOF II) and doubled the size of the business during the following two years.
For its part, Palistar acquired Harmoni from Uniti Group in June 2020. Harmoni claims to be ‘one of the most active tower builders in the US’, with over 1,000 sites constructed or in development.