TPG in talks to buy Ark Data Centres from Elliott at ~$5B valuation

The signal here is less about one UK operator than about who ends up owning the physical layer of the AI buildout. A private equity buyer taking a data centre platform off another financial owner suggests infrastructure funds now see these assets as long-hold core holdings rather than tradeable real estate, which matters for how capacity gets financed and priced. The open question is whether this valuation holds as the deal moves toward terms, and whether similar secondary sales from financial owners become the norm.