Asian data center operator Princeton Digital Group has tapped Goldman Sachs Group Inc. to work on a strategic review that may result in a stake sale, according to people familiar with the matter.

The process is preliminary and no final decision has been made about bringing in new equity partners or other aspects of a potential deal, the people said, asking not to be identified because the deliberations are private. 

Other investment firms and industry players have shown interest in PDG, in what could be yet another multibillion dollar transaction in the digital infrastructure industry in Asia, the people said.

Global investors have been snapping up data center companies that help support the boom in artificial intelligence. In February, A KKR & Co.-led group agreed to buy STT GDC Pte for S$6.6 billion ($5.2 billion) in cash. Blackstone Inc. and Canada Pension Plan Investment Board acquired AirTrunk for A$24 billion ($16.1 billion) in 2024.

Meanwhile, Bain Capital is working with Citigroup Inc. and JPMorgan Chase & Co. on a review of Singapore-based Bridge Data Centres that may lead to a stake sale, people familiar with the matter have said. A transaction might value Bridge at several billion dollars, the people said.

PDG operates more than 20 data centers in China, Singapore, India, Indonesia, Malaysia, South Korea and Japan, its website shows. Warburg Pincus invested in and helped set up the company in 2017, along with Rangu Salgame and Varoon Raghavan. PDG has grown both organically and via acquisitions.

Stonepeak Partners invested $1.3 billion in PDG in 2025, while Abu Dhabi sovereign fund Mubadala Investment Co. and Ontario Teachers’ Pension Plan Board are also backers.

PDG didn’t respond to requests for comment. Representatives for Warburg Pincus, Goldman Sachs, Stonepeak, Mubadala and OTPP declined to comment.

TMT Finance reported last month that PDG was in talks with advisers about a potential new equity deal.

PDG announced a plan in March to raise as much as $5 billion in debt financing this year to help develop capacity and build out new campuses. That includes $350 million in financing from a consortium of global banks.

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Published on April 24, 2026