Asset manager Blue Owl is reportedly looking to acquire data center investment firm IPI Partners.

Citing people with knowledge of the matter, Bloomberg reports Blue Owl is in talks to acquire IPI Partners, a firm that invests in data centers and other digital infrastructure, for about $1 billion.

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Stack's owner IPI could soon be acquired

A deal could be announced later this month, though both companies and IPI’s owners declined to comment to the publication.

IPI is a joint venture of Iconiq Capital and Iron Point Partners. It owns data center developer Stack Infrastructure and US regional Edge firm RadiusDC.

Blue Owl is an asset manager with $192 billion in assets under management. Not traditionally known for its data center investments, the company recently formed a $5bn joint venture with Chirisa and PowerHouse to develop data centers across the US – mostly for AI cloud firm CoreWeave.

After previously investing in T5, IPI launched Stack in 2019 after merging several T5 data centers with three Infomart facilities acquired the previous year into a new operator. The company has since grown through a mixture of acquisitions and new developments.

Today the company’s data center portfolio includes 4GW built or under development and an additional 2.5GW of planned and potential expansion. The company has sites across 24 markets, including Stockholm, Sweden; Zurich, Switzerland; Osaka, Japan; Canberra, Australia; and Seoul, South Korea.

IPI launched RadiusDC in September 2022. The company initially offered space in the 1500 Champa carrier hotel in Denver, Colorado, acquired by IPI the previous year. It acquired a data center in Miami, Florida, earlier this year.