CPP Investments, Equinix in USD $4bn atNorth takeover

Canada Pension Plan Investment Board (CPP Investments) and Equinix have agreed to acquire Nordic data centre operator atNorth from Partners Group in a deal valued at USD $4 billion on an enterprise value basis.

CPP Investments will take an approximate 60% controlling interest, while Equinix will hold an approximate 40% stake. The transaction remains subject to customary closing conditions, including regulatory approvals.

The buyers have also provisionally agreed a USD $4.2 billion financing package underwritten by a group of European and Canadian lenders. The structure adds leverage capacity alongside equity funding for the acquisition and future investment.

atNorth will continue to operate under its own brand following the change of ownership. It describes the deal as reinforcing its Nordic-focused strategy while providing additional financial and commercial backing.

Nordics footprint

atNorth operates eight data centres across Denmark, Finland, Iceland, Norway and Sweden, with additional sites under development. It lists facilities under construction in Kouvola (Finland), Ølgod (Denmark) and a campus in Stockholm (Sweden), and has announced a new mega-site in Sollefteå Municipality, Sweden.

atNorth reports 1 GW of secured power for expansion, with additional capacity planned. Power availability and grid access have become central to data centre siting decisions, particularly for larger deployments.

Several facilities are liquid cooling-enabled, reflecting rising demand for high-density compute. Operators across Europe have been adjusting specifications for new halls as customers seek more power per rack for AI training and inference workloads.

The company also highlights renewable energy sourcing, heat reuse initiatives and modular design across its portfolio. These efforts align with a broader push in Europe to demonstrate energy efficiency and local integration amid increased scrutiny from policymakers and communities.

Investor rationale

Institutional capital continues to target data centre platforms, driven by demand from cloud providers and large enterprises. Nordic markets have attracted interest for power systems with high renewable penetration and cooler ambient temperatures that can reduce cooling needs, depending on design and workload.

CPP Investments framed the acquisition as a sector bet and a continuation of its work with Equinix.

"This transaction builds on our long-standing and highly productive relationship with Equinix," said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments. "It demonstrates our conviction and commitment to the data center sector, where demand continues to accelerate, fueled by continued strong enterprise demand as well as cloud and AI adoption. The Nordics are an attractive market for data center growth and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform, helping us deliver attractive risk-adjusted returns for CPP contributors and beneficiaries."

Equinix angle

Equinix operates a global network of data centres focused on colocation and connectivity services. It has expanded its European presence as customers' needs around latency, cross-border connectivity and data-handling rules have increased.

Equinix described atNorth's sites as complementary to its existing footprint in the region and linked the deal to customer needs around resilience and regulatory requirements.

"The scalable sites of atNorth are very complementary to Equinix's connectivity services and global footprint. Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics' expanding digital landscape," said Bruce Owen, President, Equinix EMEA. "For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organizations operating in the region. We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix's connectivity services."

Management view

atNorth's chief executive described the acquisition as an endorsement of the company's Nordic focus and its role in the region's technology build-out.

"This acquisition is a powerful validation of atNorth's journey and its market position as the leading Nordics data center platform," said Eyjólfur Magnús Kristinsson, CEO, atNorth. "It further illustrates the strategic importance of the region as Europe's rising AI powerhouse. I'm extremely proud to announce the next step in our chapter, welcoming this investment from CPP Investments and Equinix, which will enable access to capital, global enterprise, and hyperscale relationships, and supply chain strength required to scale at pace. Our strategy remains firmly rooted in the Nordics, and we will continue to operate independently under the atNorth brand, preserving our dedication to the communities where we operate and the culture and values that have defined our success to date."

The acquisition adds to a growing list of large European data centre transactions, as operators race to secure power, land and equipment. With AI-related demand still rising, further deals are likely as investors seek scaled platforms and suppliers compete for development pipelines in constrained markets.