Equinix and CPP Investments Close $4 Billion Purchase of atNorth

Equinix (EQIX ) and Canada Pension Plan Investment Board (CPP Investments) have completed their US$4 billion acquisition of atNorth, a Nordic data center developer and operator, the companies announced on September 2, 2026. The closing finalizes the joint agreement the two buyers entered into on February 27, 2026 to purchase atNorth from global private markets firm Partners Group.

atNorth develops and operates high-density colocation and built-to-suit data facilities. Its footprint spans all five Nordic countries, with eight operational data centers and several new projects underway across the territory. These include sites under development in Sweden, Finland, Norway and Denmark, alongside expansions to existing sites and a portfolio of additional development projects.

The companies said the operating portfolio and development pipeline together 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. Several of atNorth’s facilities are liquid cooling-enabled to support high-density workloads, according to the February signing announcement.

Under the final ownership structure, CPP Investments holds an approximately 51% controlling stake in atNorth with a commitment of US$1.3 billion, while Equinix holds an approximately 34% stake with a commitment of US$895 million. Partners Group, acting on behalf of its clients, elected to re-invest and acquire a 10% stake with a commitment of US$260 million, a decision the announcement attributes to the strength of the opportunity and confidence in the partnership since the initial announcement. The remainder is held by atNorth’s internal stakeholders, who chose 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. The package is intended to support atNorth’s continuous growth, fund the transaction and provide the capital required to fund the expansion of the business, according to the announcement.

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, the companies said.

Maximilian Biagosch, Senior Managing Director and Global Head of Real Assets at CPP Investments, said the completed investment gives the pension fund “a controlling stake in one of the Nordics’ leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix.” He cited atNorth’s portfolio of development projects, access to renewable power and what he described as differentiated capabilities for AI and high-performance computing workloads, and said the transaction aligns with CPP Investments’ focus on investing in high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries.

Regina Dahlström, Managing Director of Equinix Nordics, said the acquisition will strengthen Equinix’s ability to support customers expanding digital and AI deployments while increasing capacity in a region widely recognized for its advanced technology ecosystem and sustainable energy profile. She said that as AI adoption accelerates, organizations need infrastructure that brings together data, clouds, networks and inference services.

Eyjólfur Magnús Kristinsson, CEO of atNorth, said: “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.” He said the company enters its next phase with a clear strategy to continue operating independently under the atNorth brand while working closely with CPP Investments and Equinix, and that the backing of the new owners enhances its ability to scale at pace, expand capacity across the Nordics and deepen relationships with global enterprise and hyperscale customers.

Terms Announced at Signing

CPP Investments and Equinix announced their joint agreement to acquire atNorth on February 27, 2026. Under the structure disclosed at signing, CPP Investments planned to invest approximately US$1.6 billion for an approximate 60% controlling interest, with Equinix holding an approximate 40% stake. The transaction, which valued atNorth at an enterprise value of US$4 billion, was subject to customary closing conditions, including regulatory approvals. The buyers had also provisionally agreed to a financing package of US$4.2 billion (€3.6 billion), likewise underwritten by a group of European and Canadian lenders. The completion announcement attributes the final ownership split to Partners Group’s decision to re-invest in atNorth following the initial announcement.

At the time of signing, the companies said the transaction was expected to be immediately accretive upon close to Equinix’s adjusted funds from operations per share. The February announcement also stated that atNorth had an installed and active development pipeline of approximately 800 MW expected to come online over the following five years, along with an additional 1 GW of secured power and a considerable amount of future capacity planned.

Equinix operates eight data centers in the Nordics, five in Helsinki and three in Stockholm, within a wider European footprint of more than 100 facilities across 20 countries, according to the February announcement. The acquisition adds to CPP Investments’ existing collaboration with Equinix, which includes a 2024 joint venture alongside GIC to expand the Equinix xScale data center program. The February announcement said Equinix was advised on the transaction by Guggenheim Securities Europe Ltd. as financial advisor and Slaughter and May as legal advisor.