Finance
CPP, Equinix to buy Nordic data center operator atNorth in $4 billion deal
Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: February 27, 2026
Quick Summary
CPP Investments and Equinix agreed to buy Nordic data-center operator atNorth from Partners Group for about $4B enterprise value, with CPP taking 60% (about $1.6B) and Equinix 40%. The deal gives Equinix additional capacity in a power-constrained European market and is expected to be immediately acc
CPP and Equinix Agree to Buy atNorth in $4 Billion Nordic Deal
Deal Overview and Strategic Rationale
Acquisition Announcement
Feb 27 (Reuters) - Canada Pension Plan Investment Board and Equinix have agreed to acquire Nordic data center operator atNorth from private equity firm Partners Group in a deal valued at about $4 billion, the companies said in a joint statement on Friday.
Ownership Structure and Financial Impact
CPP will invest roughly $1.6 billion for a 60% controlling stake, while Equinix will hold about 40%. The transaction is expected to be immediately accretive to Equinix's adjusted funds from operations upon completion.
atNorth Footprint Across the Nordics
atNorth operates eight data centres across Denmark, Finland, Iceland, Norway and Sweden with several additional sites under development.
Expansion Plans and AI-Driven Demand
The operator has secured 1 gigawatt of power for future expansion and plans a pipeline of roughly 800 megawatts over the next five years in a bid to meet Europe's increasing AI demand.
Partners Group Ownership Background
Partners Group acquired the business in 2022 for an undisclosed amount and has since supported its regional expansion.
Equinix and CPP Strategy
California-based data-centre operator Equinix has been expanding aggressively to capture rising demand for digital infrastructure, while CPP has been increasing its exposure to data-center assets.
Source and Credits
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Mrigank Dhaniwala)
Key Takeaways
- •Scale + AI-driven demand: atNorth brings eight operating Nordic sites plus an ~800MW development pipeline over five years and ~1GW of secured power for further expansion, targeting high-density AI/HPC workloads (including liquid-cooling capable facilities). (newsroom.equinix.com)
- •Financial structure and near-term uplift: transaction values atNorth at ~$4B EV; CPP invests ~$1.6B for control, and Equinix says the purchase should be immediately accretive to AFFO per share (a key REIT cash-flow metric). (newsroom.equinix.com)
- •Seller exit with a twist: Partners Group is selling after backing regional expansion since its 2022 acquisition, and has indicated it plans to reinvest and keep up to a 10% stake alongside the new owners. (news.bloomberglaw.com)
References
Frequently Asked Questions about CPP, Equinix to buy Nordic data center operator atNorth in $4 billion deal
1Who is buying atNorth and from whom?
Canada Pension Plan Investment Board and Equinix agreed to acquire atNorth from private equity firm Partners Group.
2What is the deal value and ownership split?
The deal is valued at about $4 billion, with CPP investing roughly $1.6 billion for a 60% controlling stake and Equinix holding about 40%.
3How is the transaction expected to affect Equinix financially?
The transaction is expected to be immediately accretive to Equinix's adjusted funds from operations upon completion.
4Where does atNorth operate data centers?
atNorth operates eight data centres across Denmark, Finland, Iceland, Norway and Sweden, with additional sites under development.
5What capacity has atNorth secured for future expansion?
atNorth has secured 1 gigawatt of power for future expansion and plans a pipeline of roughly 800 megawatts over the next five years.
