Apollo Completes Sale of Parallel Infrastructure to Harmoni Towers
03 November 2022 - 9:15PM
Apollo (NYSE: APO) today announced that infrastructure funds
managed by its affiliates (the “Apollo Funds”) have completed the
previously announced sale of Parallel Infrastructure (“Parallel”),
a leading tower platform and build-to-suit provider, to Harmoni
Towers, a portfolio company of Palistar Capital LP.
Apollo Partner David Cohen said, “We’re proud of Parallel’s
strong growth and performance under our fund’s ownership, and they
are well positioned to continue scaling as part of Harmoni, one of
the most active tower builders in the US.”
Dylan Foo, Partner and Head of Infrastructure at Apollo, added,
“The successful carveout, performance and subsequent sale of
Parallel marks a milestone transaction for our growing
infrastructure franchise at Apollo and a strong realization for our
flagship strategy.”
The Apollo Funds acquired Parallel in 2020 through a corporate
carve-out transaction. As part of its value creation plan, Apollo
stood up the business as an independent tower platform, and
approximately doubled its size in the subsequent two years.
About Apollo
Apollo is a high-growth, global alternative asset manager. In
our asset management business, we seek to provide our clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three investing
strategies: yield, hybrid, and equity. For more than three decades,
our investing expertise across our fully integrated platform has
served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through
Athene, our retirement services business, we specialize in helping
clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of September 30, 2022, Apollo had
approximately $523 billion of assets under management. To learn
more, please visit www.apollo.com.
Contact Information
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822 0491Communications@apollo.com
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