Apollo to Sell Tower Operator Parallel to Palistar-Backed Company

Apollo Global Management Inc. agreed to sell wireless tower company Parallel Infrastructure to a buyer backed by Palistar Capital, which plans to invest more than $1 billion to expand the business.

The deal would create one of the largest cellphone infrastructure companies in the U.S., with more than 2,000 sites either operating or under construction across 41 states, once Parallel is combined with developer Harmoni Towers LLC, New York-based Palistar said. Palistar acquired Harmoni in June 2020.