Equinix and CPP Investment Board Acquire Nordic Data Center Operator atNorth for $4B

Equinix and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire atNorth Holding AB, a pan-Nordic data center operator, in a deal valuing the company at $4 billion including debt. The acquisition, announced Thursday, represents a significant move in the rapidly expanding data center market, particularly as demand surges for AI and cloud computing infrastructure.

atNorth, which operates data centers across Iceland, Sweden, and Denmark, has positioned itself as a key player in the Nordic region's growing data center ecosystem. The company's facilities benefit from the region's abundant renewable energy sources and natural cooling advantages, making them particularly attractive for energy-intensive AI workloads and high-performance computing operations.

The deal comes amid a broader wave of consolidation in the data center industry, as major players seek to expand their geographic footprint and capacity to meet escalating demand. Equinix, one of the world's largest data center operators, has been particularly active in acquisitions, viewing them as essential to maintaining its competitive position in an increasingly crowded market.

CPP Investments, Canada's largest pension fund, has been steadily increasing its infrastructure investments, viewing data centers as a stable, long-term asset class that aligns with its mandate to generate sustainable returns for Canadian pensioners. The fund's involvement in this deal underscores the growing institutional appetite for data center assets as AI adoption accelerates globally.

atNorth's CEO, Kristinn Jonsson, described the acquisition as a validation of the company's strategy and growth trajectory. The company has been expanding rapidly, with plans to add significant capacity across its Nordic footprint in the coming years. Its data centers have attracted customers ranging from hyperscale cloud providers to specialized AI companies seeking low-latency, high-performance infrastructure.

The Nordic region has emerged as a strategic location for data center development, offering several advantages including political stability, robust digital infrastructure, and access to renewable energy. Iceland, in particular, has become a hub for data center operations due to its geothermal and hydroelectric power resources, as well as its naturally cool climate that reduces cooling costs.

Industry analysts note that the $4 billion valuation reflects both atNorth's current operations and its growth potential in a market where capacity constraints are becoming increasingly common. The deal also highlights the premium being placed on operators with established footprints in regions that offer competitive advantages for data center operations.

For Equinix, the acquisition strengthens its position in the European market and provides access to atNorth's customer base and operational expertise in the Nordic region. The company has been pursuing a strategy of geographic expansion to complement its existing global footprint and meet the growing demand for interconnected data center services.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals. Both Equinix and CPP Investments have expressed confidence in the strategic fit and growth prospects of the combined entity, particularly as AI and cloud computing continue to drive demand for data center capacity worldwide.

This acquisition represents another milestone in the ongoing transformation of the data center industry, as traditional infrastructure players adapt to the unique requirements of AI workloads and the massive computational demands they entail. The deal also reflects the increasing importance of geographic diversification in data center strategy, as operators seek to balance proximity to end users with access to favorable operating conditions.

As the AI revolution continues to accelerate, investments in data center infrastructure are expected to remain a priority for both technology companies and institutional investors. The atNorth acquisition demonstrates how established players are positioning themselves to capture value from this ongoing transformation of the digital infrastructure landscape.

The Nordic data center market, while smaller than those in North America and Asia, has been growing rapidly as operators recognize the region's unique advantages. This deal could potentially trigger additional consolidation in the region as other players seek to establish or expand their presence in these strategically important markets.

For atNorth's customers and partners, the acquisition is expected to bring additional resources and capabilities while maintaining the company's focus on the Nordic market. The deal structure suggests that both Equinix and CPP Investments see significant value in preserving atNorth's regional expertise and operational model while providing the capital and support needed for continued growth.

As data center demand continues to outstrip supply in many markets, strategic acquisitions like this one are likely to become increasingly common as operators seek to secure capacity and expand their geographic reach to meet the needs of a rapidly evolving digital economy.