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TPG in talks to buy Netrality Data Centers for $2B to $3B
The potential deal would value Netrality, which operates 18 data center properties with more than 100 megawatts of capacity across North America.
TPG is in talks to acquire Netrality Data Centers in a deal valued between $2 billion and $3 billion, according to Bloomberg. The transaction could be finalized as soon as this fall.
Netrality is majority-owned by Macquarie Asset Management, which took a controlling stake in 2019. The company operates a portfolio of 18 data center properties across North America, with combined capacity of more than 100 megawatts, including facilities in cities such as Chicago, Houston, Philadelphia, St. Louis, Indianapolis, and Kansas City.
Bisnow reports that TPG’s purchase would make Netrality the largest data center platform owned by TPG. Netrality focuses on interconnection data centers, often described as carrier hotels that serve as exchange points where networks such as cloud providers, telecoms, and enterprises connect and swap data.
TPG has also pursued data center investments before, including nearly $1 billion in 2025 in Indian platform HyperVault, and a 2023 joint venture with Digital Realty in which it acquired a majority stake in three stabilized Northern Virginia data centers, according to the report.