Lendlease Attempts to Block Sale of Parallel Infrastructure to Harmoni Towers

Inside Towers Exclusive

UPDATE The pending sale of Parallel Infrastructure, a build-to-suit tower operator, from Apollo Global Management, Inc. (NYSE: APO) to Harmoni Towers has been put on hold by Delaware’s Chancery Court after Australia-based property investor Lendlease America Inc. sought an emergency court order to block the sale.

Lendlease’s interest in Parallel Infrastructure stems back to 2020 when Apollo acquired Lendlease Telecom, including a portfolio of operating cell towers and a pipeline of contracted towers under development and rebranded it as Parallel Infrastructure. Parallel Infrastructure was to be led by CEO Yannis Macheras and its management team from its headquarters in Charlotte, NC.

In August 2022, Palistar Capital LP, owner of Harmoni, acquired Parallel Infrastructure from Apollo, a tower platform and build-to-suit provider, creating one of the top ten largest private tower companies in the U.S., with more than 2,000 built and in-construction towers. 

Lendlease alleges the sale of Parallel Infrastructure to Harmoni Towers will violate the terms of the Membership Interest Purchase Agreement, which was signed as part of the sale of Lendlease Telecom to Apollo, according to the complaint, causing “irreparable injury.”

“If the transaction is permitted to be closed, Lendlease will lose the benefits of its contractual rights and its bargained-for protections under the 2020 acquisition,” the complaint reads. 

At the time of Harmoni’s purchase of Parallel Infrastructure, Omar Jaffrey, Managing Partner and Founder of Palistar, said that he expected 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.”

The complaint states that if Parallel is “encumbered with secured debt giving its lends priority rights, this proposal creates legitimate concerns about Lendlease’s ability to enforce its rights.”

By J. Sharpe Smith, Inside Towers Technology Editor

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