Harmoni Towers, a portfolio company of Palistar Capital, has closed on its previously announced acquisition of Parallel Infrastructure, a tower platform and build-to-suit provider.
The seller was Apollo Global Management, which acquired Parallel through a corporate carve-out transaction via its second flagship infrastructure fund (AIOF II) in 2020. Palistar expects to deploy more than $1 billion to expand and further develop the platform.
“We are looking forward to the continued build-out of the combined platform, enabling greater 5G access and coverage for our wireless carrier clients,” said Omar Jaffrey, managing partner and founder of Palistar.
The combined company is the fifth-largest tower company and the second-largest private independent tower company in the United States, with more than 2,000 built or under- construction towers across the country.