CPP Investments and Equinix have reached an agreement to jointly acquire Nordic data-center operator atNorth for a total consideration of $4 billion, including debt, the companies said Friday.
Under the terms disclosed, the Canada Pension Plan Investment Board will contribute $1.6 billion to secure a 60% ownership stake in atNorth. Equinix will take the remaining 40% stake in the business, according to a joint release from the parties involved.
The current owner, Partners Group - which purchased atNorth in 2022 - has committed to reinvest in the company and has indicated it will buy back up to 10% of the operator following the completion of the transaction. The statement did not provide additional details on timing or mechanics for that reinvestment and potential buyback.
atNorth runs multiple data-center sites across the Nordic region, with operations in Denmark, Finland, Iceland, Norway, and Sweden. The purchasers characterized the deal as aligned with their strategic goals in the data-center sector.
CPP Investments said the acquisition strengthens its global data-center strategy and expands its presence in Europe. Equinix said the transaction would reinforce its existing data-center operations in the Nordics, enhancing its regional footprint.
The two firms have a history of collaborating on similar initiatives. The release noted a prior joint venture in 2024 involving Equinix and the Singapore sovereign investor GIC to expand Equinix’s data-center program, highlighting a pattern of partnership activity in the sector.
While the announcement outlines ownership splits and strategic intent, it provides limited information on other transaction specifics, including any remaining financing details, regulatory steps, or timing for closing. The Partners Group commitment to reinvest and potentially repurchase up to 10% introduces an element that could affect the final ownership mix once the deal is completed.
Overall, the agreement represents a sizable cross-border investment into Nordic digital infrastructure, bringing together a major public pension fund investor and a global data-center operator to acquire a regional platform with facilities across five countries.