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Equinix and Canada Pension Plan Investment Board (CPPIB) are close to finalising a deal to acquire pan-Nordic data centre operator atNorth, according to a Bloomberg News report citing sources familiar with the matter. The transaction, which could be announced in the coming days, is said to value atNorth at around USD 4 billion, including debt. The company is currently backed by private equity firm Partners Group, which acquired the platform in 2022 and has since supported its expansion across the Nordic region. The potential acquisition highlights sustained investor interest in digital infrastructure, driven by rising demand from hyperscale cloud providers, artificial intelligence workloads and high-performance computing. For Equinix and CPPIB, the deal would further strengthen exposure to data centre assets in energy-efficient Nordic markets.
Equinix and the Canada Pension Plan Investment Board (CPPIB) are reported to be nearing an agreement to acquire atNorth, a leading pan-Nordic data centre platform, in a transaction that could value the business at approximately USD 4 billion, including debt. The development was first reported by Bloomberg News, citing people familiar with the discussions. Advertisement
According to the report, the deal could be announced in the coming days, although the parties have not formally confirmed the transaction. CPPIB and Partners Group, the current owner of atNorth, declined to comment on the report, while Equinix did not immediately respond to media queries. The news was also carried by Reuters.
The potential acquisition comes amid accelerating consolidation and capital deployment in the global data centre sector. Equinix has been expanding aggressively in recent years to capture growing demand for digital infrastructure, driven by cloud computing, artificial intelligence applications and data-intensive enterprise workloads. Pension funds and other long-term institutional investors have also been increasing allocations to data centre assets, attracted by stable cash flows, long-duration leases and structural demand growth.
AtNorth is headquartered in Iceland and operates data centres across Iceland, Denmark, Sweden and Finland. The company focuses on serving hyperscale cloud providers, AI-driven computing requirements and high-performance computing customers, with a particular emphasis on sustainability and access to renewable energy. The Nordic region has become an increasingly attractive destination for data centre investment due to its cooler climate, political stability and availability of low-carbon power.
Partners Group acquired atNorth in 2022 for an undisclosed sum and has since backed the platform's regional expansion, adding capacity and strengthening its presence across key Nordic markets. A sale at the reported valuation would represent a significant exit for the private equity firm.
If completed, the transaction would further cement Equinix's footprint in Europe while providing CPPIB with increased exposure to digital infrastructure assets aligned with long-term global data consumption trends.
Source - Reuters
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