The potential deal could rank among 2026's largest data center transactions as investor appetite remains strong for interconnection and colocation assets tied to AI infrastructure demand.
TPG is in exclusive negotiations to acquire Netrality Data Centers from Macquarie Asset Management in a deal that could value the operator at between $2 billion and $3 billion, with a transaction potentially closing as early as fall 2026. The talks underscore sustained investor demand for data center assets, especially colocation and interconnection facilities that support the flow of network traffic and AI-related computing workloads. Netrality, which Macquarie bought a majority stake in from Abrams Capital Management in September 2019, operates 18 facilities across North America spanning 3.3 million square feet and more than 100 megawatts of capacity. The company says it is the largest privately held operator of core network interconnection sites in the U.S. It also raised $605 million in financing in July 2025, a move that helped position the business for a possible sale. The prospective acquisition would add to a broader wave of dealmaking across the data center sector, where assets such as DataBank and EdgeCore have also drawn significant investor interest as valuations climb alongside demand for digital infrastructure.