The Canada Pension Plan Investment Board will invest approximately US$1.6 billion as part of a US$4-billion acquisition of Nordic data-centre operator atNorth alongside Equinix.

CPPIB and Equinix announced that they have entered into a joint agreement to acquire atNorth from Partners Group, in a transaction subject to customary closing conditions and regulatory approvals.

The Canadian pension-plan manager will hold an approximate 60% controlling interest, with Equinix owning about 40%. The deal is expected to be immediately accretive to Equinix’s adjusted funds from operations per share upon closing.

AtNorth operates eight data centres and has several sites under development across Denmark, Finland, Iceland, Norway and Sweden. The platform includes roughly one gigawatt of secured power and significant additional planned capacity, with about 800 megawatts expected to come online over the next five years. Several facilities are liquid cooling-enabled to support high-density AI and high-performance computing workloads.

As part of the transaction, CPPIB and Equinix have provisionally agreed to a US$4.2-billion (€3.6-billion) financing package underwritten by a group of European and Canadian lenders to fund the acquisition and future expansion.

“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data center platform,” said Eyjólfur Magnús Kristinsson, CEO of atNorth. “It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse.

The company’s strategy remains firmly rooted in the Nordics, and the firm will continue to operate independently under the atNorth brand, preserving its dedication to the communities in which it operates, along with the culture and values that have defined its success.

“This transaction builds on our long-standing and highly productive relationship with Equinix,” said Maximilian Biagosch, a senior managing director and global head of real assets for CPPIB. “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. The Nordics are an attractive market for data-centre growth, and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform, helping us deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint,” said Bruce Owen, president of Equinix’s Europe, Middle East and Asia region.

“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,” he added. “For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organizations operating in the region.”

Equinix currently operates eight data centres in the Nordics — five in Helsinki and three in Stockholm — as part of a broader European footprint of more than 100 facilities across 20 countries.

The acquisition builds on CPPIB’s existing data-centre strategy and its prior partnership with Equinix, including a 2024 joint-venture alongside GIC to expand the Equinix xScale program.

Pictured: An atNorth data centre.

Photo: CNW Group/CPPIB

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