CPP and Equinix Acquire Nordic Data Center Operator atNorth in $4 Billion Deal

• atNorth operates eight data centers across five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) with additional sites under development
• The company has secured 1 gigawatt of power capacity and plans an 800-megawatt pipeline over the next five years to meet Europe's increasing AI demand
• Partners Group acquired atNorth in 2022 and is now exiting; the deal is expected to be immediately accretive to Equinix's adjusted funds from operations

Summary

Deal Overview:

Canada Pension Plan Investment Board (CPP) and Equinix have agreed to acquire Nordic data center operator atNorth from private equity firm Partners Group in a transaction valued at approximately $4 billion. CPP will invest roughly $1.6 billion for a 60% controlling stake, while Equinix will hold the remaining 40%. The deal is expected to be immediately accretive to Equinix's adjusted funds from operations upon closing.

Asset Details:

atNorth currently operates eight data centers across five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden, with additional sites under development. The company has secured 1 gigawatt of power capacity for future expansion and plans to deploy approximately 800 megawatts over the next five years.

Strategic Rationale:

The acquisition positions both buyers to capitalize on Europe's surging AI-driven demand for digital infrastructure. California-based Equinix has been aggressively expanding its data center footprint, while CPP has been systematically increasing its exposure to data center assets as part of its investment strategy.

Background:

Partners Group acquired atNorth in 2022 for an undisclosed sum and has supported the company's regional expansion throughout the Nordic region during its ownership period.

Market Implications:

This transaction underscores the intensifying competition for data center assets in Europe, particularly in the Nordics where cooler climates and renewable energy access provide operational advantages. The $4 billion valuation reflects premium pricing in the sector driven by AI infrastructure demand and highlights continued institutional appetite for digital infrastructure investments.