CPP Investments and Equinix have completed their $4 billion acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center operator.
atNorth operates eight data centers across the Nordic region and has additional projects under development in Sweden, Finland, Norway and Denmark.
Its operating portfolio and development pipeline are focused on demand from enterprise and hyperscale customers across AI, cloud and high-performance computing workloads, supported by renewable power, advanced cooling and heat-reuse technologies.
Partners Group has elected to reinvest in the company and acquire approximately a 10% stake.
Following the transaction, CPP Investments will hold an approximately 51% controlling interest, committing $1.3 billion, while Equinix will hold approximately 34%, committing $895 million. Partners Group is committing approximately $260 million for its 10% interest, with the remaining equity held by atNorth internal stakeholders who rolled over a substantial portion of their holdings.
The transaction includes a $4.1 billion financing package, equivalent to approximately €3.6 billion, underwritten by European and Canadian lenders to fund the acquisition and provide capital for atNorth’s continued expansion.
atNorth will continue operating independently under its existing brand.
The company has continued expanding since the acquisition was initially announced, including securing new hyperscale contracts and adding a new development site in Norway.
atNorth currently has four large-scale sites under development in Kouvola, Finland; Ølgod, Denmark; Sollefteå, Sweden; and Haugaland, Norway, along with another metro site under development in Stockholm.
KEY QUOTES:
“The completion of this investment gives CPP Investments a controlling stake in one of the Nordics’ leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix. With its strong portfolio of development projects, access to renewable power and differentiated capabilities for AI and high-performance computing workloads, atNorth is well positioned to support the region’s next phase of growth. This important transaction also aligns with CPP Investments’ focus on investing in high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries.”
Maximilian Biagosch, Senior Managing Director and Global Head of Real Assets at CPP Investments
“The acquisition will strengthen our ability to support customers expanding digital and AI deployments, while increasing capacity in a region widely recognised for its advanced technology ecosystem and sustainable energy profile. As AI adoption accelerates, organisations need infrastructure that brings together data, clouds, networks and inference services. Expanding our footprint helps create the interconnected hubs that enable data to move efficiently and securely across ecosystems.”
Regina Dahlström, Managing Director of Equinix Nordics
“Since the signing announcement earlier this year, atNorth has continued to build strong momentum, securing new hyperscale contracts and expanding our development pipeline, including a new site in Norway. We enter this next phase from a position of strength, with a clear strategy to continue to operate independently under the atNorth brand, while working closely with CPP Investments and Equinix. The backing of our new owners, enhances our ability to scale at pace, expand capacity across the Nordics, and deepen our relationships with global enterprise and hyperscale customers.”
Eyjólfur Magnús Kristinsson, CEO of atNorth
