Appolo has announced that infrastructure funds managed by its affiliates have completed the previously announced sale of Harmoni Towers (Harmoni), a portfolio company of Parallel Infrastructure (Parallel), in New York City, USA.
The deal involves the creation of a unified platform for which Pallistar will commit more than US$1 billion, providing greater access to 5G and coverage for wireless carrier customers. The sale of Parallel marks the growth of Apollo's infrastructure franchise and the strong implementation of the company's flagship strategy. As part of its 2020 acquisition of Parallel, Apollo turned the business into an independent tower platform and roughly doubled its size in the next two years.
Kirkland & Ellis LLP acted as advisors to Palistar and Harmoni, while Parallel and Apollo advised Weil, Gotshal & Manges LLP.