Via netrality.com
The potential acquisition underscores how AI-driven demand is turning data centers into one of the hottest asset classes in private equity
TPG is in exclusive negotiations to acquire Netrality Data Centers from Macquarie Asset Management, in a deal that could value the data center operator between $2 billion and $3 billion. If finalized, it would rank among the largest data center transactions of 2026.
What Netrality brings to the table #
Netrality runs 18 facilities across North America, spanning 3.3 million square feet with over 100 megawatts of capacity. That makes it the largest privately held operator of core network interconnection sites in the US.
Macquarie Asset Management picked up a majority stake in Netrality back in September 2019, acquiring it from Abrams Capital Management. A $605 million financing round in July 2025 positioned the business for exactly the kind of exit that now appears to be taking shape.
The broader data center gold rush #
This deal doesn’t exist in a vacuum. The data center sector has been on a tear, with competitors like DataBank and EdgeCore also attracting significant investor interest.
A transaction could be finalized as early as fall 2026.
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