CPP Investments and Equinix acquire atNorth for $4bn

May 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

May 2026 Issue

Canada Pension Plan Investment Board (CPP Investments) and digital infrastructure company Equinix agreed to acquire Nordic data centre operator atNorth from private equity firm Partners Group for approximately $4bn. The deal is intended to accelerate the expansion of infrastructure needed to support artificial intelligence (AI) applications and other high‑density computing demands across Northern Europe.

Under the terms of the agreement, CPP Investments will commit around $1.6bn for an estimated 60 percent controlling interest, while Equinix will hold roughly 40 percent. Partners Group originally acquired atNorth in 2022 and has since backed its expansion across the region.

The latest acquisition forms part of CPP Investments’ long‑term collaboration with Equinix, following their 2024 joint venture with the Government of Singapore Investment Corporation to extend the Equinix xScale data centre programme. This new transaction strengthens CPP Investments’ data centre strategy and further expands its European footprint.

The investment is intended to enable atNorth to continue scaling at pace, reflecting the surge in demand for data centre capacity brought about by advances in cloud computing, AI workloads and enterprise digital transformation. According to the companies, the influx of capital and resources is expected to help atNorth expand its operational capabilities across the Nordics, one of Europe’s fastest‑growing digital infrastructure markets.

“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data centre platform,” said Eyjólfur Magnús Kristinsson, chief executive of atNorth. “I welcome 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.”

atNorth currently operates eight data centres across Denmark, Finland, Iceland, Norway and Sweden, with several additional sites under development. Its facilities integrate renewable energy sourcing, sophisticated heat‑reuse systems and modular designs intended to reduce environmental impact. The company also focuses on enabling high‑performance computing and AI‑oriented workloads, having made significant investments in liquid‑cooling technologies and secured power capacity.

“The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint,” said Bruce Owen, president for the EMEA region at Equinix. “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.”

Equinix already operates eight regional facilities, including five in Helsinki and three in Stockholm, forming part of a wider European network of more than 100 data centres across 20 countries. This reach allows customers to deploy infrastructure close to end users and maintain direct connections with global cloud and network partners.

“This transaction builds on our longstanding and highly productive relationship with Equinix,” said Maximilian Biagosch, senior managing director and global head of real assets at CPP Investments. “It demonstrates our conviction and commitment to the data centre sector, where demand continues to accelerate, fuelled by continued strong enterprise demand as well as cloud and AI adoption.” He added that the Nordics remain an attractive region for future growth and innovation.

The transaction remains subject to customary closing conditions, including regulatory approvals. Since late March 2026, additional reports have confirmed that rival bidders, including Digital Realty, had expressed interest in acquiring atNorth. However, CPP Investments and Equinix continue to advance toward closing, and no competing bid has displaced the agreed transaction value.

“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,” added Mr Kristinsson.

Fraser Tennant