CPP Investments and Equinix, Inc. have entered into a joint agreement to purchase atNorth, a Nordic high-density colocation and data center provider, from the private markets firm Partners Group for an enterprise value of US$4 billion. Under the terms of the agreement, CPP Investments the (Canada Pension Plan Investment) Board, will own an approximate 60% controlling interest by investing roughly US$1.6 billion, while Equinix, a global digital infrastructure company, will own an approximate 40% stake. To fund the transaction and the future expansion of the business, the partners have provisionally agreed to a US$4.2 billion financing package underwritten by a group of European and Canadian lenders.
atNorth operates eight data centers across Denmark, Finland, Iceland, Norway, and Sweden, with an active development pipeline of approximately 800 MW set to come online over the next five years and plans for an additional 1 GW of secured power. These facilities are designed for AI and high-performance computing, featuring liquid cooling-enabled infrastructure and renewable energy sourcing. Following the close of the transaction, which is subject to customary closing conditions and regulatory approvals, atNorth will continue to operate independently under its own brand. For Equinix, the acquisition is expected to be immediately accretive to its adjusted funds from operations per share and complements its existing footprint of eight data centers in Helsinki and Stockholm.
