Harmoni Towers moved to purchase assets from a private equity company as part of a plan to become the fifth-largest tower player in the US.
Harmoni Towers, a portfolio company of Palistar Capital, struck a deal to buy tower platform company Parallel Infrastructure from funds managed by affiliates of Apollo Global Management.
Financial terms of the deal, which is slated to be finished in the third quarter of 2022, weren’t available.
The combined company will have more than 2,000 built and in-construction towers across the US in 41 states. It will also have the capacity to build hundreds of new towers each year in all regions of the country.
With a boost to its assets, Harmoni Towers is looking to usurp United States Cellular, currently ranked as the fifth-largest tower company by website Wireless Estimator.
American Tower, Crown Castle, SBA Communications, and Vertical Bridge, in that order, hold down the top-four spots.
In 2020, Apollo bought Parallel through a corporate carve-out transaction via its second flagship infrastructure fund. As part of its value creation plan, Apollo stood up the business as an independent tower platform and then doubled its size during the ensuing two years.
Harmoni Towers, which was known as Uniti Towers prior to a name change in 2020, has more than 1,000 sites built or in development.
Omar Jaffrey, managing partner and founder of Palistar, stated it to commit $1 billion for the construction of additional Harmoni towers.