TPG in talks to acquire Netrality Data Centers in deal valued around $3B

Private equity firm TPG Inc. is in talks to acquire Netrality Data Centers, in a deal that could value the company at around $3 billion, according to people familiar with the matter. The potential transaction would represent one of the larger data center deals of the year, arriving at a moment when AI-driven infrastructure demand has turned colocation and interconnection assets into some of the most competed-over real estate in the market. Netrality is currently majority-owned by Macquarie Asset Management, which acquired its controlling stake in September 2019 from Abrams Capital Management. A sale to TPG would mark the next chapter for a business that has grown considerably since that acquisition. What Netrality actually does, and why it matters Netrality operates 18 facilities across major US markets, covering 3.3 million square feet with over 100 megawatts of capacity. The company bills itself as the largest privately held owner and operator of interconnection data centers in the United States. The company reinforced its balance sheet in July 2025 by securing a $605 million financing package, signaling that its backers were preparing it for either continued expansion or an even...