CPP Investments and Equinix have agreed to acquire Nordic data centre operator atNorth from Partners Group in a transaction valuing the business at $4 billion.

Once complete, the deal is expected to give CPP investments a controlling stake in the company, with a 60% stake, with Equinix becoming a minority shareholder with a 40% share of the business. It will also see CPP Investments invest approximately $1.6 billion as part of the transaction. 

Equinix is already one of the largest data centre operators in the world, operating more than 260 data centres in 33 countries, across five continents. That being said, the company has stronger holdings in certain regions than others. For example, in the FLAP-D region – which is Frankfurt, London, Amsterdam, Paris, Dublin – the country has a strong showing in all locations. It’s not as strong in the Nordics, however. 

While Equinix has data centres in Finland and Sweden, atNorth currently has eight operational data centres and several sites under development across Denmark, Finland, Iceland, Norway and Sweden. That will give Equinix the ability to add capacity in the Nordic region, which has become increasingly attractive for high-density deployments, particularly for AI and high-performance computing workloads.

The atNorth brand is set to continue post-acquisition, with plans for further expansion with 1 GW of secured power and a ‘considerable amount’ of additional future capacity planned. 

As part of the transaction, CPP Investments and Equinix have provisionally agreed a $4.2 billion financing package, underwritten by a group of European and Canadian lenders. The buyers say the package is intended to fund the transaction and provide a runway for expansion as demand continues to accelerate.

atNorth’s CEO Eyjólfur Magnús Kristinsson described the deal as a marker of both the company’s growth and the region’s relevance to emerging compute demand.

“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data centre platform,” said Eyjólfur Magnús Kristinsson, CEO of atNorth. 

“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.”

Why the Nordics – and why now?

The transaction lands amid intensifying competition for power-secured data centre sites across Europe, as operators and investors chase capacity that can support AI-driven growth. The buyers are positioning the Nordics as one of the regions best placed to absorb that demand, pointing to access to renewable energy and cooler climates that can improve operational efficiency.

atNorth’s existing footprint spans five Nordic countries, and the company says its design approach includes renewable energy sourcing, heat reuse initiatives and modular build strategies intended to improve efficiency and reduce environmental impact. For customers, the company’s offer is focused on high-density colocation and built-to-suit capacity.

CPP Investment and Equinix also pointed to atNorth’s development runway. Alongside the 1 GW of secured power mentioned by the company, atNorth has an installed and active development pipeline of approximately 800 MW expected to come online over the next five years.

“This transaction builds on our long-standing and highly productive relationship with Equinix,” said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets, CPP Investments. 

“It demonstrates our conviction and commitment to the data centre 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 centre 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.”

Partners Group exits – but plans to stay involved

atNorth’s existing owner, Partners Group, is selling atNorth at what it describes as a successful ‘control exit’ from its data centre portfolio, but it is not walking away entirely. The firm has committed to reinvest and acquire up to 10% of atNorth, betting that the company’s power position and demand pipeline will continue to support rapid scaling.

Ismail Afara, Member of Management, Infrastructure Europe, Partners Group, commented, “We have implemented a truly entrepreneurial value creation plan with atNorth, capitalising on a period of unprecedented growth in the European data centre industry. We thank atNorth’s management team for their remarkable partnership on this journey. The Company’s vision is more critical than ever: to offer more compute for a better world. We congratulate CPP Investments and Equinix as they partner with the Company and management team. We are excited to reinvest alongside them for the next chapter of growth.”

Esther Peiner, Partner, Head of Infrastructure, Partners Group, added, “Data centres are scale-driven businesses. Across our portfolio, we have adopted a platform-building strategy by starting with a smaller base and then leveraging our expansion toolkit. This allows us to tailor our approach to each platform, optimising our exposure across diverse markets and customer types while improving overall risk-return profile. Whilst the sale of atNorth marks a successful control exit from our data centre portfolio, we remain thematically focused on data centre assets across the globe.”