Global alternative asset manager TPG is reportedly looking to acquire UK data center firm Ark.

Citing unnamed people familiar with the matter, the FT reports TPG is in talks to buy Ark Data Centres from ‌Elliott Investment Management at a valuation of about $5 billion.

Discussions are reportedly ongoing, and there is no guarantee a deal will close.

The companies declined to comment to the publication.

Founded in 2005, Ark has 27 data centers in operation or under development across nine sites in the UK and Belgium, totaling more than 560MW.

In the UK, it operates data center campuses at Cody Park in Farnborough, Meridian Park in north London, and Spring Park in Wiltshire’s Corsham, with a number of projects under development, including Union Park and Alliance Park in west London.

Its Meridian Park data center is powered via a direct line from an adjacent Energy from Waste (EfW) plant operated by London Energy. DCD visited the power station and data center last year.

Controlled by Elliott Investment Management with European real estate investor Revcap as a minority investor, Ark also operates Crown Hosting Data Centres, a joint venture with the UK Cabinet Office focused on offering hosting to UK Government departments and agencies.

Elliott acquired Ark (not to be confused with the US operator of the same name that was formerly known as Involta) in 2012.

Reports that the investment firm might be looking to sell off at least a stake in the data center company have repeatedly surfaced in 2022, 2023, and 2025, for valuations of £2.5 billion ($3bn) and £3bn ($4bn) on the latter two occasions.

Founded in 1992, TPG is a private equity firm with more than $245bn in assets under management. The company has investments in various industries and technologies, with recent investments in telecommunications and communications infrastructure made through its TPG Peppertree business.

The firm has invested in a number of telecoms and fiber firms, and is behind the large Quantum Frederick data center park in Maryland. In addition to investing in Tata’s new HyperVault data center venture this year, the firm was recently rumored to be looking to acquire US operator Netrality Data Centers for up to $3bn.