Blue Owl Capital to acquire IPI Partners for $1B

Blue Owl Capital announced it has entered into a definitive agreement to acquire the business of digital infrastructure fund manager IPI Partners from an affiliate of ICONIQ Capital and an affiliate of Iron Point Partners for a purchase price of approximately $1B. The purchase price will be comprised of approximately 80% Blue Owl equity and approximately 20% cash. The acquisition is expected to close in the fourth quarter of 2024 or first quarter of 2025, subject to certain closing conditions including third party consents, and is expected to be neutral to Blue Owl’s earnings in 2025 and modestly accretive in 2026. Blue Owl will partner with an affiliate of ICONIQ to help accelerate the future growth of the business. Upon closing of the acquisition, IPI’s business will further enhance Blue Owl’s digital infrastructure strategy as part of the firm’s Real Estate platform, which will continue to be led by Blue Owl Co-President Marc Zahr. IPI’s Managing Partner, Matt A’Hearn will become Head of Blue Owl’s digital infrastructure strategy and report to Blue Owl Co-President Marc Zahr. An affiliate of ICONIQ will enter into an agreement with Blue Owl to provide services to Blue Owl’s business, including, but not limited to, investment analysis and investor relations. In exchange for these services, an affiliate of ICONIQ is eligible for services payments, that are subject to certain future targets. Blue Owl anticipates these payments will be made between 2026 and 2028.