Nordic data center provider atNorth has been acquired by Equinix and the Canada Pension Plan Investment Board (CPP Investments) in a deal valued at $4.2 billion. The acquisition marks a significant step for Equinix and CPP Investments as they strengthen their presence in the rapidly growing European data center market.
The agreement, announced by current owner Partners Group, gives CPP Investments a majority stake of 60 percent in atNorth, while Equinix will hold the remaining 40 percent. The $4.2 billion deal includes a total financing package underwritten by a consortium of European and Canadian lenders.
Eyjólfur Magnús Kristinsson, CEO of atNorth, celebrated the acquisition as a milestone for the company. "It further illustrates the strategic importance of the region as Europe's rising AI powerhouse", he said. "I'm extremely proud to announce the next step in our chapter, welcoming this investment from CPP and Equinix, which will enable access to capital, global enterprise, and hyperscale relationships, and supply chain strength required to scale at pace."
Founded in 2012 as Advania Data Centers, atNorth emerged from a merger of three Nordic technology companies: Skyrr in Iceland, Kerfi in Sweden, and Hands in Norway. The firm became an independent entity in 2017, and in 2020, it rebranded as atNorth. In December 2021, Swiss investment manager Partners Group acquired the company, a move that capitalized on the booming demand for data infrastructure across Europe.
Today, atNorth operates seven data centers across Sweden, Iceland, and Finland, with additional facilities under development in Finland, Denmark, Sweden, and Norway. The company boasts a pipeline of projects that equates to 800 megawatts of capacity, with a secured power bank of 1 gigawatt to support future expansion.
For Equinix, the acquisition of atNorth aligns with its ambitions to enhance its capabilities in the Nordic region, an area known for its renewable energy and potential for AI growth. Bruce Owen, president for EMEA at Equinix, noted the complementary fit between the two companies. "The scalable sites of atNorth are very complementary to Equinix's connectivity services and global footprint", Owen said. "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."
CPP Investments is no stranger to large-scale data center investments, having previously partnered with Equinix. In October 2024, the two companies launched a $15 billion joint venture to develop hyperscale data centers in the United States through Equinix's xScale brand.
Although atNorth will now be co-owned by CPP Investments and Equinix, the company plans to retain its brand and operational independence. "Our strategy remains firmly rooted in the Nordics, and we will continue to operate independently under the atNorth brand, preserving our dedication to the communities where we operate and the culture and values that have defined our success to date", Kristinsson affirmed.
Partners Group, which has overseen atNorth's expansion during its ownership, expressed satisfaction with the deal. Ismail Afara of Partners Group acknowledged the company's trajectory, stating, "We have implemented a truly entrepreneurial value creation plan with atNorth, capitalizing on a period of unprecedented growth in the European data center industry. The company’s vision is more critical than ever: to offer more compute for a better world."
The acquisition reinforces atNorth's position as a key player in the European data center market and highlights the growing importance of the Nordics as a hub for sustainable, AI-driven digital infrastructure. With the new backing of CPP Investments and Equinix, the company is poised for even greater expansion in the years to come.
