Apollo Global Management infrastructure funds have paid an undisclosed sum to buy a US telecommunications firm from Lendlease.

Apollo said the acquired company, which also owns a portfolio of operating cell towers and a pipeline of contracted towers under development, will be renamed Parallel Infrastructure, a name the platform held prior to being bought by Lendlease in 2017.

Dylan Foo, senior partner and co-head of infrastructure at Apollo, said: “Parallel Infrastructure is an established, critical infrastructure business that’s positioned for significant growth driven by increased data consumption and the continued shift to 5G networks across the United States.

“Our corporate carve-out experience was critical to the transaction and setting the business up for future growth.”

Parallel Infrastructure will be led by CEO Yannis Macheras and its management team.

Jason Alderman, property managing director at Lendlease, said: “Since the original acquisition, Lendlease has scaled this platform to over 450 towers, and we are very pleased that Parallel Infrastructure will be given the opportunity for continued growth under Apollo Funds’ ownership and the leadership of the existing management team.”

“We look forward to recycling the capital into our growing US development and investment businesses.”

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