Behind the US$4bn CPP and Equinix Acquisition of atNorth

CPP Investments and Equinix have agreed to acquire Nordic colocation and built to suit data centre provider atNorth in a transaction valuing the business at US$4bn, strengthening their position in one of Europe’s fastest growing AI infrastructure markets.

The deal, subject to customary regulatory approvals, will see CPP Investments take an approximate 60% controlling stake and Equinix hold around 40%. The partners have also provisionally agreed a US$4.2bn financing package, underwritten by a group of European and Canadian lenders, to support future expansion.

atNorth will continue to operate under its own brand, with the new ownership structure aimed at accelerating growth across Denmark, Finland, Iceland, Norway and Sweden.

Scaling high-density capacity

atNorth operates eight data centres, with several additional sites under development. The company has secured 1GW of power and has further capacity planned to meet demand from hyperscale, enterprise and AI customers.

Facilities are designed to support high-performance computing and AI workloads, with several sites equipped for liquid cooling to handle high-density deployments.

Across its portfolio, atNorth integrates renewable energy sourcing, heat reuse and modular design to reduce environmental impact.

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

Investor confidence in AI demand

For CPP Investments, the acquisition builds on an established relationship with Equinix and signals a continued commitment to digital infrastructure as an asset class.

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

“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.”

Equinix views atNorth’s portfolio as complementary to its own connectivity-focused platform.

Bruce Owen, President Equinix, EMEA, says: “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. 

“For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organisations operating in the region. 

“We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix’s connectivity services.”

Esther Peiner, Partner, Head of Infrastructure at Partners Group, says: "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.

"While the sale of atNorth marks a successful control exit from our data center portfolio, we remain thematically focused on data centre assets across the globe."

Nordics as AI infrastructure hub

The Nordics have emerged as a preferred location for high-density data centres due to access to renewable energy, cool climates and stable regulatory environments. Strong research ecosystems and technical expertise have also supported growth in advanced compute deployments.

For AI and HPC operators, the combination of renewable power and liquid-cooling-capable facilities is increasingly important as rack densities rise. With 1GW of secured power and additional development planned, atNorth is positioned to expand capacity to meet hyperscale and enterprise requirements.

Under the new ownership structure, capital from CPP Investments and Equinix is expected to support continued campus development and infrastructure build out across the region. atNorth will maintain operational independence while leveraging the financial and commercial backing of its new shareholders.