Communications infrastructure provider Harmoni Towers of Little Rock has announced an agreement to acquire Parallel Infrastructure LLC of Charlotte, a cell tower platform and build-to-suit provider.
Harmoni, a portfolio company of Palistar Capital LP, is purchasing the company from affiliates of publicly traded Apollo Global Management Inc. (NYSE: APO)
Financial terms of the transaction were not disclosed. The deal is expected to close in the third quarter of 2022.
Harmoni said the deal makes it the fifth-largest tower company in the U.S. The combined company will have more than 2,000 towers that are either built or under construction across 41 states, Harmoni said in a news release. Parallel brings a portfolio of about 1,000 cell towers to the company.
More growth is planned. Palistar said it expects to deploy more than $1 billion through equity and debt financing to expand the combined tower business. Omar Jeffrey, the Palistar’s founder and managing partner, said it sees the continued implementation of 5G and rising demand for data as a “fantastic opportunity.”
Harmoni CEO Lawrence Gleason shared that sentiment.
“This transaction is a major milestone in Harmoni’s continued growth and evolution,” he said in the release. “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.”
Palistar acquired Harmoni in June 2020 from Uniti Group Inc. of Little Rock.
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