CPP Investments and Equinix Acquire atNorth for $4 Billion

On February 27, 2026, Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. announced a joint agreement to acquire atNorth, a leading Nordic data center operator, from Partners Group for an enterprise value of approximately $4 billion. Under the terms of the deal, CPP Investments will invest around $1.6 billion, securing a 60% controlling interest, while Equinix will hold the remaining 40%. The acquisition is subject to customary closing conditions, including regulatory approvals.

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AtNorth operates eight data centers across Denmark, Finland, Iceland, Norway, and Sweden, with several additional sites under development. The company has secured 1 gigawatt (GW) of power for future expansion and maintains an active development pipeline of approximately 800 megawatts (MW) expected to come online over the next five years. This expansion is aimed at meeting the increasing demand for data center infrastructure driven by enterprise, cloud, and artificial intelligence (AI) adoption.

CPP Investments and Equinix to Acquire atNorth for US$4 Billion

Eyjólfur Magnús Kristinsson, CEO of atNorth, emphasized the acquisition as a validation of the company's market position, stating, “This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data center platform.” He noted that the partnership would enhance access to capital and strengthen relationships with hyperscale clients.

Equinix, CPP Investments Confirm $4B Purchase of atNorth

The transaction includes a financing package of $4.2 billion, underwritten by a consortium of European and Canadian lenders, to support the acquisition and future expansion. The deal is expected to be immediately accretive to Equinix’s adjusted funds from operations (AFFO) per share upon completion.

Equinix and CPP Investments to acquire atNorth in $4B deal to scale Nordic data center capacity

Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets at CPP Investments, highlighted the strategic importance of the Nordic region for data center growth, stating, “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.”

CPP Investments and Equinix to Acquire atNorth for US$4 Billion

Both CPP Investments and Equinix are committed to sustainability, with Equinix operating all its European facilities using 100% renewable energy. The acquisition aligns with atNorth's focus on environmentally sustainable practices, including renewable energy sourcing and heat reuse initiatives, which are integral to its operational model.

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Bruce Owen, President of Equinix EMEA, remarked, “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.”

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While the acquisition is positioned as a strategic growth opportunity, it faces potential challenges, including the need for regulatory approvals and the current inflationary environment impacting operational costs. Additionally, there are concerns regarding the ability to integrate atNorth into Equinix's existing operations effectively.

Benzinga

The acquisition of atNorth by CPP Investments and Equinix marks a significant step in expanding their presence in the Nordic data center market, which is increasingly recognized as a critical hub for digital infrastructure. As the demand for data centers continues to rise, particularly in the context of AI and cloud computing, this partnership aims to leverage atNorth's capabilities to meet future market needs while maintaining a strong commitment to sustainability.

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