• Seeking to buy as many as 500 tower assets
• Deals would be financed via a mix of debt and equity

Symphony Towers Infrastructure is actively looking to acquire wireless tower assets following its merger with wireless towers company CTI Towers, CEO Bernard Borghei said.

The combined company, backed by Palistar Capital, is interested in buying tower assets ranging from one to 500 anywhere across the US. Tower assets can include small cells on rooftops, billboards, and other structures as well as large free-standing tower structures, he said.

When asked about ideal asset size for acquisition, Borghei said the purchase price of the asset of the portfolio could be a couple of billion dollars.

“I don’t have a cap on what I’m willing to buy and how large, if the opportunity makes sense,” he said. “We have the financial support from Palistar to compete, and we just have to make the case to our investment committee that this would be something strategic and right for us to acquire.”

Symphony Towers, which is headquartered in White Plains, New York, has 3,000 total wireless assets across all 50 states including 1000 owned and managed towers, Borghei said.

It would finance future deals with equity and debt, he said.

In January, Palistar Capital announced the combination of its pool of wireless assets managed by Symphony Wireless, which manages, acquires, and leases digital infrastructure assets such as tower, rooftop, and non-traditional sites in the US, with another Palistar portfolio company, CTI Towers, one of the largest private tower companies in the US.

The company was then rebranded as Symphony Towers Infrastructure. Since then, Symphony Towers Infrastructure has been going through integration and should be done by early summer, the CEO said. Neither side used a banker, he said.

Symphony Towers Infrastructure is currently valued at over a billion dollars, he said. Borghei said the company is profitable but declined to disclose more on the firm’s financials.

Palistar is the biggest shareholder of the firm.

Asked about how tariffs will affect the business, he said, “When I look at tariffs and how it could impact us, it’s not the tariffs itself, but the overall market reaction,” pointing to how the company itself is not building towers, which would require ordering steel.

“We are an interest rate sensitive industry,” Borghei said. “So if the markets continue to be sort of nervous and turbulent, it’ll impact the carriers and how they’re willing to spend capital on network densification and expansion, and then it would have the same impact on the tower companies.”

Symphony plans to be an active acquirer through those headwinds as the business opportunities should still be available, the CEO said, though it would be mindful of the cost of capital.

The company’s competitors are TowerSource, Landmark Dividend, and Everest Infrastructure Partners.

Symphony Towers has 76 employees.

Paul Weiss and Morgan Lewis provide legal services.