Data centre leader Equinix, alongside Canada Pension Plan Investment Board (CPP Investments), have entered into a joint agreement to purchase atNorth.
The agreement between Equinix and CPP is expected to support atNorth in continuing to scale at pace, as it continues to capture opportunities created by rising demand for data centre infrastructure.
CPP Investments will invest approximately US$1.6 billion, owning an approximate 60% controlling interest, whereas Equinix will own an approximate 40% stake.
“This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data centre platform,” said Eyjólfur Magnús Kristinsson, CEO of atNorth. “It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse.”
As a leading high-density colocation provider in the Nordics, atNorth has been successfully growing its business for some time. Currently, it has operations across five countries and, after the acquisition, will provide Equinix with access to capacity to meet enterprise, AI and hyperscale demand across critical data centre markets.
Kristinsson added: “I’m extremely proud to announce the next step in our chapter, welcoming this investment from CPP Investments and Equinix, which will enable access to capital, global enterprise and hyperscale relationships and supply chain strength required to scale at pace.”
He explained: “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.”
atNorth’s portfolio includes eight operational data centres, with several sites currently under development across Denmark, Finland, Iceland, Norway and Sweden. There are also plans for further expansion, with one-gigawatt (1GW) of secured power and additional capacity planned for the future.
Several of its facilities are designed to meet increasing demand for AI and high-performance computing and are liquid cooling-enabled to support high-density workloads. Across its portfolio, atNorth integrates renewable energy sourcing, heat reuse initiatives and efficient modular design to advance circular economy principles to minimise environmental impact.
The Nordics region has established itself as a critical hub for the next generation of digital growth, with its strong economy, focus on research and development (R&D) and abundance of renewable energy sources. It is well-known for its environmentally sustainable projects, particularly within the data centre sector, which are boosted by its naturally cool climates.
In line with atNorth’s strong sustainability focus, Equinix operates all its facilities across Europe with 100% renewable energy coverage. The company is currently on track to achieve its global net zero targets by 2040, with its environmental strategy focused on implementing energy-efficiency initiatives to optimise energy usage.
“It is also piloting decarbonisation solutions and collaborating with suppliers to confront emissions usage. The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint. 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,” explained Bruce Owen, President, EMEA at Equinix.
“For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organisations operating in the region. We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix’s connectivity services.”
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