CPP Investments and Equinix agreed on 27 February to acquire atNorth, a Nordic high-density colocation and built-to-suit data centre provider, from Partners Group in a transaction valuing the company at $4bn including debt.
Why CPP Investments and Equinix is buying atNorth
atNorth said the owners would give it access to capital, enterprise and hyperscale customer relationships and supply-chain strength to expand at pace, as the Nordics emerge as a hub for AI and high-performance computing thanks to renewable power and cool climates.
Deal terms and financing
CPP Investments was to take about 60% and Equinix about 40%, with a $4.2bn debt package underwritten by European and Canadian lenders. At completion Partners Group reinvested for clients to hold about 10%, CPP Investments committed $1.3bn for about 51% and Equinix $895m for about 34%, with management rolling over the rest.
Regulatory approvals and timing
The deal was subject to regulatory approvals. atNorth announced completion on 2 September 2026 with a final financing package of $4.1bn.
Market context
atNorth operates eight data centres and has sites under development in Denmark, Finland, Iceland, Norway and Sweden, several of them liquid-cooling enabled for dense AI workloads. Investors have been pouring money into Nordic data centres to meet AI-driven demand.
