M&A Deal Summary

Apollo Global Management Acquires Parallel Infrastructure

On October 14, 2020, asset manager Apollo Global Management acquired infrastructure company Parallel Infrastructure from LendLease

Acquisition Highlights
  • This is Apollo Global Management’s 2nd transaction in the Infrastructure sector.
  • This is Apollo Global Management’s 71st transaction in the United States.
  • This is Apollo Global Management’s 5th transaction in North Carolina.
Investment Fate
  • Parallel Infrastructure was sold to a strategic buyer in 2022.

M&A Deal Summary

Date 2020-10-14
Target Parallel Infrastructure
Sector Infrastructure
Buyer(s) Apollo Global Management
Sellers(s) LendLease
Deal Type Divestiture

Target

Parallel Infrastructure

Charlotte, North Carolina, United States
Parallel Infrastructure is a build-to-suit tower operator with nearly 500 macro cell towers across the US and several hundred more under contract or in late-stage development. The Company counts all major US wireless carriers as customers, including AT&T, Verizon, and T-Mobile, which lease space on towers under long-term contracts. Parallel Infrastructure is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 98 of 151
Sector: Infrastructure M&A 2 of 2
Type: Divestiture M&A Deals 20 of 28
State: North Carolina M&A 5 of 7
Country: United States M&A 71 of 108
Year: 2020 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-29 Rackspace

San Antonio, Texas, United States

Rackspace is a provider of cloud computing services and managing hosting services for small and medium-sized businesses and large corporations. Rackspace was formed in 1998 and is based in San Antonio, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Express Energy Services

Houston, Texas, United States

Express Energy Services is a provider of rental equipment and services to the oil and gas industry. Express Energy Services was founded in 2000 and is based in Houston, Texas.

Sell -

Seller(S) 1

SELLER

LendLease

Barangaroo, Australia

Category Company
Founded 1958
Sector Real Estate
Revenue 7.6B AUD (2025)
DESCRIPTION

LendLease is a fully integrated property and infrastructure solutions providers. LendLease was founded in 1958 and is based in Barangaroo, Australia.


DEAL STATS #
Overall 1 of 1
Sector: Infrastructure M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: North Carolina M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 Valemus Australia Pty

Australia

Valemus Australia Pty Ltd. is a construction and infrastructure services markets in Australia.

Buy AU$1.1B