"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," said Omar Jaffrey, managing partner and founder of Palistar.
"The team at Apollo have been excellent stewards of the Parallel business and we are delighted to have partnered with them on this transaction."
The undisclosed deal will see the creation of the fifth largest tower company and the second largest private independent tower company in the US, with 2,000+ built and in-construction towers.
"Parallel is thrilled to be rolling into the Harmoni enterprise, lending its experience, talent and diverse portfolio to a new, enhanced organisation focused on providing best-in-class service to our customers and landowners," said Yannis Macheras, CEO of Parallel Infrastructure.
The footprint of the soon-to-be combined company will span 41 states, with the capacity to build hundreds of towers each year, across the US.
"This transaction is a major milestone in Harmoni's continued growth and evolution," said Lawrence Gleason, CEO of Harmoni Towers.
"It enables us to even better serve our carrier customers with an enhanced and fully scaled base of installed towers across the country, as well as provide one of the largest and most robust tower building platforms in the United States."
Apollo acquired Parallel back in 2020 through a corporate carve-out transaction via its second flagship infrastructure fund (AIOF II). Apollo build out the business as an independent tower platform, and roughly doubled its size over the course of two years.
"We are proud to announce this important transaction, which represents a successful exit for our second infrastructure fund and highlights our corporate carve-out expertise, as well as our commitment to communications infrastructure and enhancing connectivity in suburban and rural geographies," said Dylan Foo, co-head of infrastructure and partner at Apollo.
Subject to customary closing conditions, the transaction is due to close in the third quarter of 2022.
"We have been extremely pleased with Parallel's growth and performance since carving-out and standing up the platform in 2020," added Dave Cohen, partner at Apollo.
"We would like to thank the entire management team for their strong leadership and positive collaboration. We also wish them continued success in scaling the business and serving their carrier customers alongside Harmoni and Palistar."
