Palistar Capital has confirmed it has combined its US wireless assets into one dedicated company.
The alternative asset manager, which focuses on digital infrastructure opportunities, said it will combine Symphony Wireless and CTI Towers to form Symphony Towers Infrastructure.
Founded in 2019, Symphony acquires the ground leases and easement rights to telecom towers, which it leases out, while CTI operates as a telecom tower company in the US.
CTI was founded in 2011 with an investment from Comcast Ventures, before it was acquired by Palistar in 2020. The company owns, manages, and markets more than 1,800 infrastructure assets across the US, and leases space on its towers to the major wireless carriers, including AT&T, Dish, T-Mobile, and Verizon.
According to Palistar, the combination of the assets will create one of the top five telecom infrastructure companies in the US.
In total, Symphony Towers will operate, manage, and market approximately 3,000 assets across all 50 states on behalf of Palistar.
The combined entity will be led by Bernard Borghei, who joined Symphony Wireless in April 2024.
"This transaction creates premium operational and business efficiencies for Palistar's wireless tower portfolio by consolidating the outstanding management teams and processes of both Symphony Wireless and CTI," said Borghei, CEO of Symphony Towers.
"As a result, Symphony Towers will leverage the scale of the Wireless Tower Portfolio, providing exceptional value and a world-class operating experience to its customers."
He added that the company will look to continue driving acquisitions of towers, ground leases, and rooftop assets.
Borghei, who co-founded Vertical Bridge, one of the country’s biggest tower operators, told DCD last year that Symphony had ambitions to look at international opportunities beyond the US.