TPG Reportedly in Talks to Buy Netrality Data Centers for About $3 Billion

If completed, the potential deal would underscore private equity’s push for interconnection sites that are in higher demand because of AI deployments.

Overview

Multiple reports say TPG is in talks to acquire Netrality in a transaction valued at roughly $3 billion, but the parties have not confirmed a deal and reporting is based on anonymous sources.
Netrality runs 18 interconnection-focused facilities totaling about 3.3 million square feet and more than 100 megawatts of power, which the company says makes it the largest privately held U.S. owner of interconnection data centers.
Macquarie Asset Management has held majority control of Netrality since 2019 and the company completed a $605 million financing in 2025 that strengthened its balance sheet and made it a clearer acquisition candidate.
Banks are marketing stakes in several peer operators and investor interest in interconnection and colocation sites has risen because AI systems value low-latency links and dense city‑core connectivity that these facilities provide.
A sale to a buyer like TPG could push sector valuations higher, affect where cloud and telecom providers place capacity, and shift ownership of key network hubs that serve businesses and local internet ecosystems.