Equinix and CPPIB poised to acquire Nordic data centre operator atNorth

Equinix and Canada Pension Plan Investment Board are reportedly moving toward an agreement to acquire Nordic data centre operator atNorth in a deal valued at around $4 billion, including debt. The transaction, if completed, would combine a leading global infrastructure platform with a major institutional investor, targeting Europe’s rapidly expanding digital infrastructure market. The acquisition is expected to enhance Equinix’s regional footprint while providing CPPIB with exposure to a high-growth, income-generating asset class.

Strategic goals and deal Mechanics of atNorth acquisition

Sources close to the discussions indicate that the two parties are negotiating final terms and securing internal approvals. atNorth operates colocation and high-performance computing facilities across Iceland, Denmark, Sweden, and Finland, serving enterprise clients, cloud providers, and AI workloads. Its facilities include energy-efficient data centres in key Nordic cities, leveraging the region’s renewable energy and cool climate to reduce operational costs.

Under the proposed arrangement, Equinix would integrate atNorth’s facilities into its global interconnection platform, while CPPIB would provide long-term capital to support expansion and operations. The partnership aims to deliver both operational synergies and strategic growth, enabling Equinix to extend its reach in Northern Europe without assuming full financing risk. The structure is expected to allow the consortium to scale more quickly than either party could independently.

Private data centre ownership has become increasingly attractive to institutional investors seeking stable, contractually backed returns. By pairing Equinix’s operational expertise with CPPIB’s capital resources, the transaction is positioned to meet rising demand from enterprises for cloud-ready infrastructure in Europe.

Market context and industry impact in digital infrastructure

Investment in digital infrastructure has accelerated in recent years, driven by growth in cloud computing, artificial intelligence, and data-intensive applications. The Nordic region is particularly appealing due to its reliable renewable energy supply and lower cooling costs, both critical factors for energy-intensive data centres.

Institutional investors, including pension funds and sovereign wealth funds, are actively seeking opportunities in this space to secure long-term cash flows. Collaborations between global operators like Equinix and large capital providers allow for shared risk while enabling accelerated deployment of new capacity. Analysts expect that transactions of this type will continue to shape the European data centre landscape by creating larger, more integrated networks of facilities.

Meanwhile, private equity firms that previously invested in data centre platforms are increasingly exploring exits as valuations rise. atNorth was previously backed by Partners Group, which expanded its operations across the Nordic region. A sale to a consortium led by Equinix and CPPIB would provide Partners Group with a significant return while ensuring continued investment and development of the platform.

Background on atNorth and the participants

Founded in Iceland, atNorth has developed into a regional provider of colocation and high-performance computing services, targeting enterprises, cloud providers, and emerging technology applications. Its facilities emphasize energy efficiency and connectivity, key differentiators in the competitive European market.

Equinix operates one of the world’s largest networks of data centres, offering interconnection and colocation solutions for enterprises and cloud providers. The company has grown largely through acquisitions and expansion into new geographic markets. CPPIB is one of Canada’s largest institutional investors, managing a diversified portfolio across infrastructure, private equity, and real estate, and has increasingly targeted digital infrastructure assets for stable long-term returns.

If finalized, the Equinix–CPPIB acquisition of atNorth would mark a significant investment in Northern Europe’s digital infrastructure, combining operational expertise with institutional capital. The deal reflects growing interest in data centre assets as enterprises expand cloud adoption and AI workloads increase. With regulatory approvals and shareholder consent pending, the transaction could reshape the competitive landscape in the Nordic data centre sector and signal continued momentum for similar infrastructure investments across Europe.