Canada Pension Plan Investment Board and Equinix announced they have entered into a joint agreement to acquire atNorth, a leading Nordic high-density colocation and built-to-suit data center provider, from Partners Group. The transaction values atNorth at US$4 billion in enterprise value and is subject to customary closing conditions, including regulatory approvals.
Under the agreement, CPP Investments will invest approximately US$1.6 billion for a controlling 60% interest, while Equinix will own an approximately 40% stake. The transaction is expected to be immediately accretive upon close to Equinix’s adjusted funds from operations per share.
atNorth operates eight data centers across Denmark, Finland, Iceland, Norway, and Sweden, with additional sites under development. The company has an installed and active development pipeline of approximately 800 megawatts expected to come online over the next five years, along with an additional 1 gigawatt of secured power and further expansion capacity planned. Several facilities are liquid cooling-enabled to support AI and high-performance computing workloads. The company integrates renewable energy sourcing, heat reuse initiatives, and modular design to minimize environmental impact.
Equinix currently operates eight data centers in the Nordics, including five in Helsinki and three in Stockholm, as part of a broader European footprint of more than 100 facilities across 20 countries. The companies said the acquisition will expand capacity to meet rising enterprise, hyperscale and AI demand in key Nordic markets.
As part of the transaction, CPP Investments and Equinix have provisionally agreed to a US$4.2 billion (€3.6 billion) financing package underwritten by a group of European and Canadian lenders to fund the acquisition and future expansion. The deal builds on CPP Investments’ existing collaboration with Equinix, including a 2024 joint venture alongside GIC to expand the Equinix xScale data center program. Equinix was advised by Guggenheim Securities Europe Ltd. as financial advisor and Slaughter and May as legal advisor.
CPP Investments manages the Canada Pension Plan Fund on behalf of more than 22 million contributors and beneficiaries and reported total fund assets of C$780.7 billion as of December 31, 2025. Equinix operates a global digital infrastructure platform designed to enable secure, high-performance connectivity and AI-driven workloads.
KEY QUOTES:
“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data center platform. 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.”
Eyjólfur Magnús Kristinsson, CEO of atNorth
“This transaction builds on our long-standing and highly productive relationship with Equinix. 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.”
Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments
“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. 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.”
Bruce Owen, President, EMEA, Equinix
