Equinix (NASDAQ:EQIX) and Canada Pension Plan Investment Board (CPP Investments) announced a definitive agreement on February 27, 2026, to acquire atNorth, a premier Nordic data center operator, for an enterprise value of $4 billion.
The transaction, structured as a joint venture, will see CPP Investments commit approximately $1.6 billion for a 60% controlling interest, while Equinix will hold the remaining 40% stake.
The acquisition from private equity firm Partners Group marks a major consolidation in the European digital infrastructure space.
atNorth has rapidly scaled its presence in the Nordics—a region increasingly favored by hyperscalers and AI firms for its abundant renewable energy and natural cooling advantages.
Equinix expects the deal to be immediately accretive to its adjusted funds from operations (AFFO) per share upon closing.
The transaction significantly expands Equinix’s capacity to handle high-density AI and high-performance computing (HPC) workloads.
atNorth’s current portfolio includes eight operational data centers across Denmark, Finland, Iceland, Norway, and Sweden, with an extensive development pipeline supported by 1 GW of secured power.
Several of these facilities are already liquid-cooling enabled, a critical technical requirement for the next generation of AI processing.
The acquisition is subject to customary closing conditions and regulatory approvals.