CPP Investments and Equinix Acquire atNorth for $4 Billion

Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. announced on February 27, 2026, that they have entered into a joint agreement to acquire atNorth, a prominent high-density colocation and built-to-suit data center provider in the Nordic region, for an enterprise value of $4 billion. The transaction is subject to customary closing conditions, including regulatory approvals.

Under the terms of the agreement, CPP Investments will invest approximately $1.6 billion, securing a 60% controlling interest in atNorth, while Equinix will hold a 40% stake. This acquisition is expected to be immediately accretive to Equinix’s adjusted funds from operations (AFFO) per share upon closing.

atNorth operates eight data centers and has several additional sites under development across Denmark, Finland, Iceland, Norway, and Sweden. The company is well-positioned to capitalize on the increasing demand for data center infrastructure, particularly in the areas of artificial intelligence (AI) and high-performance computing. Several of atNorth’s facilities are equipped with liquid cooling technology to support high-density workloads.

Eyjólfur Magnús Kristinsson, CEO of atNorth, stated, “This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data center platform. It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse.” He emphasized that the investment will provide access to capital and global enterprise relationships necessary for rapid scaling while maintaining the company’s commitment to its communities and operational independence.

Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets at CPP Investments, remarked, “This transaction builds on our long-standing and highly productive relationship with Equinix. It demonstrates our conviction and commitment to the data center sector, where demand continues to accelerate.” He noted that the Nordics represent an attractive market for data center growth.

The acquisition is supported by a financing package of $4.2 billion, underwritten by a consortium of European and Canadian lenders, which will fund both the transaction and the expansion of atNorth’s operations. The company has an active development pipeline of approximately 800 megawatts (MW) expected to come online over the next five years, with plans for further expansion.

Equinix currently operates eight data centers in the Nordics, contributing to a broader European footprint of over 100 facilities across 20 countries. This regional presence allows customers to deploy infrastructure close to end users and connect directly with AI, cloud, network, and enterprise partners globally.

As both companies move forward with the integration process, they will focus on aligning operational efficiencies and enhancing their sustainability initiatives. Equinix operates all its European facilities with 100% renewable energy and aims to achieve its global net-zero target by 2040.

This acquisition not only strengthens Equinix’s position in the Nordic data center market but also enhances its competitive edge in a rapidly evolving industry landscape.