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Asset manager Blue Owl Capital is reportedly in talks to acquire digital infrastructure investor IPI Partners — the parent company of data center firms Stack Infrastructure and RadiusDC.

The potential deal is valued at around $1B, Bloomberg reported. While the acquisition could be finalized as early as this month, the terms of the deal are still being hammered out and there remains the potential for it to fall apart.

Headquartered in Chicago, IPI Partners is a joint venture of Iconiq Capital and Iron Point Partners. The group created wholesale data center developer Stack Infrastructure in 2019, launching with a portfolio that combined three data centers that once operated under the Infomart banner with a number of facilities from T5, a firm in which IPI was a major investor.