CPP Investments and Equinix Complete atNorth Acquisition to Support Growth of Leading Nordic Data Center Platform

­atNorth, the leading Nordic high-density colocation and built-to-suit data center provider, today announced that Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc., the world’s digital infrastructure company®, have completed the acquisition of atNorth.

atNorth's footprint spans across all five Nordic countries, with eight operational data centers and several new projects underway across the territory. This includes sites under development in Sweden, Finland, Norway and Denmark, alongside expansions to existing sites and a strong portfolio of additional development projects.

Together, the operating portfolio and development pipeline provide atNorth with significant capacity to serve growing demand from global enterprise and hyperscale customers across AI, cloud and high-performance computing workloads, supported by advanced cooling technologies, renewable energy integration and heat reuse solutions.

The US$4 billion acquisition, by CPP Investments and Equinix, builds on CPP Investments’ global experience in data center investing and underscores the strategic importance of the Nordics as a leading hub for AI-ready digital infrastructure. atNorth will continue to operate independently under its existing brand, with the backing of its shareholders to accelerate development of its pipeline and expand capacity across the Nordics. Equinix brings complementary digital infrastructure expertise and global customer relationships to support atNorth’s continued growth.

Given the strength of the opportunity and confidence in the partnership since the initial announcement, Partners Group, on behalf of its clients, has elected to re-invest and acquire a 10% stake in atNorth. As a result, CPP Investments will hold a c. 51% controlling stake committing US$1.3 billion, alongside Equinix's c. 34% committing US$895 million and Partners Group's c. 10% committing $260 million. The remainder will be held by atNorth’s internal stakeholders, who have chosen to roll over a substantial portion of their equity. The transaction involves a financing package of US$4.1 billion (€3.6 billion), underwritten by a group of European and Canadian lenders to support atNorth’s continuous growth, fund the transaction, as well as the capital required to fund the expansion of the business.

“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,” said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments. “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.” 

"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," said Regina Dahlström, Managing Director, Equinix Nordics. "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."

“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”, said Eyjólfur Magnús Kristinsson, CEO of atNorth. “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.”