CPP Investments and Equinix to Purchase atNorth for $4 Billion to Enhance Data Center Capacity

CPP Investments and Equinix Join Forces to Acquire atNorth

On February 27, 2026, a major announcement shook the digital infrastructure landscape as the Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. declared their intention to acquire atNorth, a leading high-density colocation and custom data center provider in the Nordics, for a staggering $4 billion. This deal is aimed at enhancing data center capacity to meet the surging demand from enterprises, artificial intelligence, and hyperscale computing in key markets.

Strategic Partnership

The joint agreement between CPP Investments and Equinix signals a robust strategy to leverage atNorth's rapidly scaling operations. As part of the deal, CPP Investments will invest approximately $1.6 billion for a controlling interest of about 60%, while Equinix will hold approximately 40%. This acquisition is expected to provide immediate benefits to Equinix's adjusted funds from operations (AFFO) per share, marking a pivotal moment in the data center sector.

AtNorth, with its extensive portfolio of eight active data centers and several development sites across Denmark, Finland, Iceland, Norway, and Sweden, is uniquely positioned to capture the growing demand for data center infrastructure. The company has already secured around 1 gigawatt (GW) of power and plans to expand significantly to accommodate future needs. Many of its facilities are designed with advanced liquid cooling systems, critical for high-density workloads in the AI and high-performance computing sectors.

Focus on Sustainability

One of the standout features of atNorth's operations is its commitment to sustainability. The company not only utilizes renewable energy sources but also integrates heat reuse initiatives and modular designs that adhere to circular economy principles, aiming to minimize environmental impact. Eyjólfur Magnús Kristinsson, CEO of atNorth, emphasized the acquisition as a validation of the company's journey and strategic importance in the Nordic data center market, which is swiftly becoming recognized as Europe's burgeoning AI powerhouse.

A Proven Track Record

Maximilian Biagosch, Senior Managing Director at CPP Investments, highlighted the firm’s long-standing relationship with Equinix, noting that this transaction represents a strong commitment to the data center sector where demand continues to escalate due to increasing cloud and AI adoption. The Nordic region's stability and strong focus on innovation make it an attractive market for such expansive growth.

Equinix currently operates eight data centers within the Nordics, and this acquisition will complement its established operations. The strategic alignment of atNorth’s scalable sites and Equinix’s connectivity services positions the combined entity to unlock the vast potential within the region’s digital landscape. Bruce Owen, President, EMEA at Equinix, stated that this acquisition enhances their capacity to support customers in need of robust and resilient scaling solutions, while also adhering to sustainability standards.

Future Vision

The deal is subject to customary closing conditions, including regulatory approvals, and involves a total financing package of approximately $4.2 billion, underwritten by a consortium of lenders from Europe and Canada to facilitate both the acquisition and further expansion efforts.

Looking ahead, atNorth's active development pipeline of around 800 megawatts (MW) is set to come online over the next five years, with plans in place for further substantial growth. This ambitious strategy sets the stage for the company to solidify its position as a primary player in the Nordics.

Equinix and CPP Investments’ combined expertise and resources present a formidable force in the data center industry. They are poised to foster digital innovation and meet the ever-increasing demands of a rapidly evolving market landscape. As the team reinforces its commitment to operating under the atNorth brand, they pledge to continue to support local communities while adhering to their successful values and operational culture.

The acquisition stands as a testament to the growing significance of data centers in our digital-first world, underscoring the vital role they play in facilitating technological advancement across industries.

Conclusion

This acquisition marks a monumental step for both CPP Investments and Equinix as they align to strengthen data center capabilities in the Nordics. It highlights a broader trend of consolidation in the sector designed to meet rising demand and embrace sustainable practices. With the blend of both companies' strengths, the future looks promising for this ambitious venture.