Equinix Inc. and the Canada Pension Plan Investment Board (CPPIB) are close to completing a $4 billion transaction to acquire atNorth, a pan‑Nordic data‑center operator backed by Partners Group. The deal, which includes debt, would give Equinix a comprehensive network of data‑center sites and interconnection points across Iceland, Denmark, Sweden and Finland, while adding atNorth’s renewable‑energy‑driven operations to its global platform.
atNorth, founded in 2015, has grown to operate 12 data‑center sites and 30 interconnection points across the Nordic region. Partners Group acquired the company in 2022 and has supported its expansion, positioning atNorth as a leading provider of sustainable, high‑performance computing infrastructure for AI and high‑performance computing workloads.
The transaction aligns with Equinix’s strategy to double its data‑center capacity by 2029 and to strengthen its presence in high‑growth European markets. The Nordic region’s abundant renewable energy, cool climate and stable political environment make it an attractive location for hyperscale operators, and atNorth’s sustainability focus dovetails with Equinix’s environmental commitments.
CPPIB’s participation reflects the growing interest of institutional investors in data‑center assets as a stable, long‑term income stream. The partnership also gives CPPIB exposure to the rapidly expanding Nordic market, which is driven by demand for AI, cloud services and high‑performance computing.
The deal is expected to close later in the week of February 26, 2026, after regulatory approvals and customary closing conditions are satisfied. The announcement signals a significant consolidation in the Nordic data‑center market and underscores the strategic importance of sustainable, high‑performance infrastructure in the region.
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