Others studying a potential bid include Stonepeak, the people said, asking not to be identified because the matter is private.

Princeton Digital is working with financial advisers as it weighs options, including both a minority or a controlling stake sale, the people said.

“A transaction could value Princeton Digital at about US$4 billion.

“Considerations are ongoing and no final decisions have been made,” the people said.

Representatives for Morrison, Stonepeak, BlackRock Inc-backed GIP and Princeton Digital declined to comment.

Established in 2017, Princeton Digital operates more than 20 data centres in China, Singapore, India, Indonesia, Malaysia and Japan, according to its website.

Warburg Pincus invested in and helped set up the company, along with founder Rangu Salgame.

In 2022, Princeton Digital raised more than US$500 million in a funding round led by Abu Dhabi sovereign fund Mubadala Investment Co, which contributed more than US$350 million.

Existing shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated.

The company has been considering a private fundraising round of as much as US$1 billion, Bloomberg News reported in September.