Harmoni Towers has agreed to acquire Parallel Infrastructure from funds managed by Apollo Global Management.

The terms of the deal have not been disclosed, but look to cement Harmoni Towers as the fifth-largest tower company in the country.

Harmoni Towers, a portfolio company of Palistar Capital, currently has just over 2,000 towers in the US, with its infrastructure covering 41 US states. Parallel's portfolio reportedly comprises around 2,000 sites including those in development.

According to Wireless Estimator, these figures are slim compared to American Tower, which boasts close to 43,000, and is the US's biggest tower company.

However Palistar Capital founder and managing director Omar Jaffrey has outlined the company's intentions to commit over $1 billion for the construction of more towers.

"Palistar expects, over time, to deploy in excess of $1 billion via equity and debt financing into the combined platform in order to promote the expansion of the business," said Jaffrey.

The deal is expected to be completed by the end of the third quarter of 2022.

"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," added Harmoni Towers CEO Lawrence Gleason.

Apollo acquired Parallel Infrastructure in 2020 through a corporate carve-out transaction, standing the business up as an independent tower platform. Harmoni Towers was acquired by Palistar Capital in the same year and was previously known as Uniti Towers.

Harmoni Towers has over 1,000 sites either constructed or in development across the US.