TPG to Acquire Netrality Data Centers in $3 Billion Deal

Asset management firm TPG is reportedly in talks to acquire Netrality Data Centers for up to $3 billion, in a deal that underscores the continued investor appetite for interconnection-focused data center infrastructure. According to people familiar with the matter, a transaction could be reached in the second half of 2026, as reported by Bloomberg.

Founded in 1992, TPG has a broad investment portfolio spanning industries and technologies. Through its TPG Peppertree platform, the firm has recently increased its focus on telecommunications and communications infrastructure, making the acquisition of Netrality a natural extension of that strategy. Netrality operates a portfolio of interconnection data centers across the United States, offering colocation, powered shell, and wholesale data center services.

Netrality’s footprint comprises 18 properties totaling approximately 3.3 million square feet (306,580 square meters) and over 100 MW of capacity. The company has been backed by long-term investment from Macquarie Asset Management, which has supported its growth and market position. The potential $3 billion price tag reflects the premium placed on interconnection-rich assets that enable efficient data exchange among carriers, cloud providers, and enterprises.

The deal, if completed, would mark one of the larger data center acquisitions in recent years, highlighting the strategic value of carrier-neutral interconnection facilities amid rising demand for network connectivity and edge computing. TPG’s move signals a bet on continued growth in data center colocation and interconnection services, as hyperscalers and enterprises alike seek to expand their digital infrastructure. Industry observers note that M&A activity in the sector remains robust, with private equity and infrastructure funds competing for assets that offer stable cash flows and long-term growth potential.