Palistar-backed Harmoni Towers to buy tower platform Parallel Infrastructure

The seller is Apollo Global Management Inc.

  • The transaction is expected to close in the third quarter of 2022.
  • Palistar and Hamoni were advised by Kirkland & Ellis LLP, while Apollo and Parallel were advised by Weil, Gotshal & Manges LLP
  • Harmoni owns, operates, and builds mission-critical communications infrastructure

Harmoni Towers, a portfolio company of Palistar Capital LP, has agreed to acquire Charlotte, North Carolina-based Parallel Infrastructure, a tower platform. The seller is Apollo Global Management Inc. No financial terms were disclosed.

The transaction is expected to close in the third quarter of 2022.

The transaction creates the fifth largest tower company and the second largest private independent tower company in the U.S., with more than 2,000 built and in-construction towers. The combined company will have locations spanning the country from coast-to-coast across 41 states, with the capacity to build hundreds of towers per year in all regions of the U.S.

In 2020, Apollo acquired Parallel through a corporate carve-out transaction via its second flagship infrastructure fund.

Harmoni owns, operates, and builds mission-critical communications infrastructure and is focused on the acquisition and construction of communication networks.

Omar Jaffrey, a managing partner and founder of Palistar, said in a statement, “Palistar expects, over time, to deploy in excess of $1 billion via equity and debt financing into the combined platform in order to promote the expansion of the business. Building upon our long-term view of the wireless ecosystem and the continued implementation of 5G and the explosive demand for data, this is a fantastic opportunity for Harmoni, Parallel, Palistar and our entire ecosystem of customers and vendors to provide a truly national footprint to deliver carrier-grade solutions. The team at Apollo have been excellent stewards of the Parallel business and we are delighted to have partnered with them on this transaction.”
Palistar and Hamoni were advised by Kirkland & Ellis LLP, while Apollo and

Parallel were advised by Weil, Gotshal & Manges LLP.

Palistar acquired Harmoni in June 2020 from Uniti Group.

Palistar Capital LP is an alternative asset manager led by Managing Partner and sole Founder, Omar Jaffrey, focused on communications infrastructure.

As of June 30, 2022, Apollo had approximately $515 billion of assets under management.