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Lendlease to Sell Telecommunications Tower Platform to Apollo
- Client News
- October 14, 2020
Paul, Weiss advised Lendlease, one of the world’s largest international property and investment groups, in the sale of a U.S. telecommunications platform to certain funds managed by affiliates of Apollo Global Management, Inc. The acquired company, which includes a portfolio of operating cell towers and a pipeline of contracted towers under development, will rebrand itself as Parallel Infrastructure, the same name it held prior to being acquired by Lendlease in 2017.
Parallel Infrastructure is a leading build-to-suit tower operator with nearly 500 macro cell towers across the U.S. and several hundred more under contract or in late-stage development. Customers include AT&T, Verizon and T-Mobile, all of which lease space on towers under long-term contracts. Financial terms of the transaction were not disclosed.
The Paul, Weiss team included corporate partners Bruce Gutenplan, Raphael Russo and Lindsey Wiersma and counsel Andrea Quek and Philip Heimowitz; real estate partners Mitchell Berg and Salvatore Gogliormella; tax partner Scott Sontag and counsel Mashiho Yuasa; employee benefits partner Lawrence Witdorchic; intellectual property partner Charles Googe; antitrust counsel Marta Kelly; international trade counsel Richard Elliott; and environmental counsel William O'Brien.