atNorth

Data Centers · AI Infrastructure · Nordics

Acquisition

Equinix, CPP Investments close $4B acquisition of atNorth

A pension giant and a data center REIT now co-own Nordic AI infrastructure instead of competing for it separately.

• CPP Investments and Equinix completed a $4 billion acquisition of Nordic data center operator atNorth on September 2, 2026.
• atNorth builds and operates high-density colocation and built-to-suit data centers across all five Nordic countries, with eight facilities running today.
• CPP Investments takes a controlling ~51% stake by committing $1.3 billion, while Equinix holds ~34% via an $895 million investment.
• Former owner Partners Group, which had planned to fully exit, instead reinvested $260 million to retain a 10% stake, citing confidence in the deal.
• The transaction is backed by a $4.1 billion (€3.6 billion) financing package underwritten by European and Canadian lenders.
• atNorth will keep operating under its own brand and pipeline, with new sites underway in Sweden, Finland, Norway and Denmark to serve AI, cloud and HPC demand.
• CPP Investments has now disclosed at least $11.3 billion in public data center commitments globally, excluding its undisclosed 2024 stake in AirTrunk.
• Pairing a pension fund's patient capital with a colocation operator's global customer network signals how AI-driven data center demand is reshaping ownership structures in the sector.