Canada Pension Plan Investment Board (CPP Investments) and Equinix have closed their previously announced $4bn acquisition of atNorth, a Nordic data centre developer and operator.
The move positions atNorth to expand its network of high-density colocation and built-to-suit data facilities across the five Nordic countries as demand from enterprise and hyperscale customers grows.
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The atNorth portfolio comprises eight operational data centres, with ongoing developments in Sweden, Finland, Norway and Denmark.
Expansion projects are underway, along with plans for new sites.
The company aims to support AI, cloud, and high-performance computing workloads across the region, utilising advanced cooling technologies, renewable energy, and heat reuse solutions.
CPP Investments holds a controlling interest of approximately 51% in atNorth, committing $1.3bn, while Equinix has a roughly 34% stake, with an $895m investment.
Partners Group has re-invested on behalf of its clients, acquiring a 10% stake worth $260m.
The remaining share is retained by atNorth’s internal stakeholders. Financing for the deal amounts to $4.1bn (€3.6bn), underwritten by a consortium of European and Canadian lenders.
Following the acquisition, atNorth will continue to operate independently under its existing brand. Equinix will provide digital infrastructure expertise and access to its global customer relationships.
According to Equinix, the transaction will be immediately accretive to its adjusted funds from operations per share.
CPP Investments senior managing director and real assets global head Maximilian Biagosch said: “The completion of this investment gives CPP Investments a controlling stake in one of the Nordics’ leading hyperscale data centre platforms, and marks an important milestone in our partnership with Equinix.
“With its strong portfolio of development projects, access to renewable power and differentiated capabilities for AI and high-performance computing workloads, atNorth is well positioned to support the region’s next phase of growth.
“This important transaction also aligns with CPP Investments’ focus on investing in high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries.”
atNorth, headquartered in Reykjavik, Iceland, is expected to benefit from the support of its new shareholders as it seeks to pursue further growth in sustainable, high-density infrastructure across the Nordic region.
In June this year, CPP Investments committed up to Rs70bn ($740m) to a new partnership with CtrlS, which operates data centres in India.
