Global digital infrastructure provider Equinix, and Canada Pension Plan Investment Board (CPP Investments), have announced they have entered into a joint agreement to purchase atNorth, a leading Nordic high-density colocation and built-to-suit data center provider, from Partners Group, one of the major players in the global private markets industry.
As part of the transaction, CPP Investments and Equinix have provisionally agreed to a financing package of US $4.2 billion (€3.6 billion), underwritten by a group of European and Canadian lenders to fund the transaction as well as the capital required to fund the expansion of the business.
The agreement between CPP Investments and Equinix will support atNorth in its continued rapid scaling, through capturing opportunities created by rising demand for data center infrastructure. CPP Investments will invest approximately US$ 1.6 billion, owning an approximate 60 percent controlling interest, and Equinix will own an approximate 40 percent stake.
atNorth’s portfolio includes eight operational data centers alongside several sites under development across Denmark, Finland, Iceland, Norway and Sweden, as well as plans for further expansion, with 1 GW of secured power and a considerable amount of additional future capacity planned.
“The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint. Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics’ expanding digital landscape,” explained Bruce Owen, President, EMEA, Equinix.
atNorth’s facilities are designed to meet increasing demand for AI and high-performance computing, and several of the company’s facilities are liquid cooling-enabled to support high-density workloads. Across its portfolio, atNorth integrates renewable energy sourcing, heat reuse initiatives and efficient modular design to advance circular economy principles and minimize environmental impact.
“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,” said Eyjólfur Magnús Kristinsson, CEO, atNorth. “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.”
“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 center 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 center 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.”
The US$ 4 billion enterprise value transaction is subject to customary closing conditions, including regulatory approvals. Equinix currently operates eight data centers in the Nordics, including five in Helsinki and three in Stockholm, contributing to a wider European footprint of over 100 facilities across 20 countries.