REYKJAVÍK, Iceland, Sep 3, 2026 – Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. have completed a US$4 billion acquisition of atNorth, a Nordic data center operator with eight sites running across all five Nordic countries. atNorth will continue to operate independently under its existing brand.
CPP Investments takes a controlling stake of about 51%, committing US$1.3 billion. Equinix holds about 34% at US$895 million. Partners Group, an existing atNorth shareholder, re-invested on behalf of its clients for about 10% at US$260 million, and atNorth’s internal stakeholders hold the remainder after rolling over a portion of their equity. European and Canadian lenders underwrote a US$4.1 billion (€3.6 billion) financing package that funds the transaction and the capital for expanding the business.
Beyond the eight operational sites, atNorth has data centers under development in Sweden, Finland, Norway and Denmark, and expansions at existing locations and projects in pipeline. The facilities serve enterprise and hyperscale customers running AI, cloud and high-performance computing workloads.
“The completion of this investment gives CPP Investments a controlling stake in one of the Nordics’ leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix,” said Maximilian Biagosch, senior managing director & global head of real assets, CPP Investments. “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.”
“The acquisition will strengthen our ability to support customers expanding digital and AI deployments, while increasing capacity in a region widely recognised for its advanced technology ecosystem and sustainable energy profile,” said Regina Dahlström, managing director, Equinix Nordics. “As AI adoption accelerates, organisations need infrastructure that brings together data, clouds, networks and inference services. Expanding our footprint helps create the interconnected hubs that enable data to move efficiently and securely across ecosystems.”
“Since the signing announcement earlier this year, atNorth has continued to build strong momentum, securing new hyperscale contracts and expanding our development pipeline, including a new site in Norway”, said Eyjólfur Magnús Kristinsson, CEO of atNorth. “We enter this next phase from a position of strength, with a clear strategy to continue to operate independently under the atNorth brand, while working closely with CPP Investments and Equinix. The backing of our new owners, enhances our ability to scale at pace, expand capacity across the Nordics, and deepen our relationships with global enterprise and hyperscale customers.”
Source: atNorth
About atNorth
atNorth, based in Reykjavík, Iceland, operates data centers across the Nordic region, providing high-density colocation, build-to-suit facilities, and connectivity services for enterprises, hyperscalers, and high-performance computing (HPC) users. The company serves industries such as AI, cloud computing, infrastructure, and research. Founded in 2009, it has operated for about 16 years. atNorth runs eight data centers in Iceland, Sweden, and Finland, with additional sites under construction in Kouvola, Finland, and Ølgod, Denmark, and a planned facility in Sollefteå, Sweden. Its operations use renewable energy and emphasize energy efficiency and circular economy principles. The company designs its facilities for scalability, power efficiency, and flexible deployment to meet long-term infrastructure needs across the region.
About Equinix
Equinix is a data center and interconnection company founded in 1998 and based in Redwood City, CA. The company operates data centers worldwide and provides colocation and network connectivity services. Customers use its facilities to house servers, connect to carriers, and exchange data traffic. Equinix serves telecommunications providers, cloud and IT companies, financial institutions, healthcare organizations, and enterprises. Its data centers span North America, Europe and Asia-Pacific. The company serves more than 10,000 customers globally and employs about 13,600 people. Equinix generates revenue by leasing space, power, and cooling capacity, and by providing interconnection services between customers and network providers.
