APAC data center firm Princeton Digital Group (PDG) may be exploring a potential minority sale.

Citing people familiar with the matter, Bloomberg reports Warburg Pincus-backed PDG has tapped Goldman Sachs to work on a strategic review that may result in a stake sale.

The process is preliminary, and no final decision has been made, according to the reports. Any deal would likely value PDG in the billions of dollars.

Headquartered in Singapore, PDG was founded in 2017. The operator has presence and operations in Singapore, Japan, India, Indonesia, China, Malaysia, and South Korea. It is also actively exploring development opportunities in Australia.

Private equity firm Warburg Pincus is PDG’s largest shareholder. The company is also backed by the Ontario Teachers’ Pension Plan, the UAE’s Mubadala, and Stonepeak.

The companies did not provide a comment to Bloomberg.