CPP Investments and Equinix Close $4 Billion Acquisition of Nordic Data Center Operator atNorth

Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. (Nasdaq: EQIX) announced on September 2, 2026, the completion of their acquisition of atNorth, a leading Nordic data center developer and operator known for its scalable portfolio of high-density colocation and built-to-suit facilities. The transaction, valued at US$4 billion, positions atNorth to capitalize on surging demand for AI-ready digital infrastructure across the region.

atNorth's operational footprint spans all five Nordic countries, comprising eight live data centers alongside multiple projects under development in Sweden, Finland, Norway, and Denmark. The company also holds a robust pipeline of additional development sites, including four mega projects in Kouvola, Finland; Ølgod, Denmark; Sollefteå, Sweden; and Haugaland, Norway, as well as a new metro site in Stockholm. Together, these assets provide substantial capacity to serve 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.

The acquisition underscores the strategic importance of the Nordics as a leading hub for AI-ready digital infrastructure. atNorth will continue to operate independently under its existing brand, with backing from its new shareholders to accelerate pipeline development and expand capacity. Equinix brings complementary digital infrastructure expertise and global customer relationships to support atNorth's growth trajectory.

Given the strength of the opportunity and confidence in the partnership since the initial announcement, Partners Group, on behalf of its clients, has elected to re-invest and acquire a 10% stake in atNorth. As a result, CPP Investments will hold an approximate 51% controlling stake, committing US$1.3 billion, alongside Equinix's approximate 34% stake with a US$895 million commitment, and Partners Group's approximate 10% stake with a US$260 million commitment. The remainder will be held by atNorth's internal stakeholders, who have chosen to roll over a substantial portion of their equity. The transaction is backed by a US$4.1 billion (€3.6 billion) financing package underwritten by a group of European and Canadian lenders, designed to fund the transaction, support continuous growth, and provide capital for business expansion. The deal is immediately accretive to Equinix's adjusted funds from operations (AFFO) per share upon close.

"The completion of this investment gives CPP Investments a controlling stake in one of the Nordics' leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix," said Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets at CPP Investments. "With its strong portfolio of development projects, access to renewable power and differentiated capabilities for AI and high-performance computing workloads, atNorth is well positioned to support the region's next phase of growth. This important transaction also 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 at Equinix Nordics, added: "The acquisition will strengthen our ability to support customers expanding digital and AI deployments, while increasing capacity in a region widely recognised for its advanced technology ecosystem and sustainable energy profile. As AI adoption accelerates, organisations need infrastructure that brings together data, clouds, networks and inference services. Expanding our footprint helps create the interconnected hubs that enable data to move efficiently and securely across ecosystems."

Eyjólfur Magnús Kristinsson, CEO of atNorth, commented: "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. We enter this next phase from a position of strength, with a clear strategy to continue to operate independently under the atNorth brand, while working closely with CPP Investments and Equinix. The backing of our new owners enhances our ability to scale at pace, expand capacity across the Nordics, and deepen our relationships with global enterprise and hyperscale customers."

The deal reflects a broader industry trend of institutional investors and digital infrastructure operators consolidating assets in regions with abundant renewable energy and favorable climates for data center cooling. The Nordics, with their strong sustainability profile and advanced technology ecosystems, have emerged as a prime destination for AI-driven workloads. For atNorth, the transaction provides the financial firepower and strategic support needed to scale its operations and meet the accelerating demand for high-performance computing infrastructure across Europe.