CPP Investments, Equinix Close $4B atNorth Deal as Partners Group Keeps 10%

Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. have completed their US$4 billion acquisition of atNorth, the Nordic high-density colocation and built-to-suit data center developer and operator, the organizations announced on September 2, 2026. The close finalizes a deal first signed in February and reshapes the ownership structure around one of the region’s largest independent data center platforms.

The transaction values atNorth at US$4 billion and gives CPP Investments a controlling stake of approximately 51%, with a commitment of US$1.3 billion. Equinix holds approximately 34%, committing US$895 million. In a change from the original agreement, Partners Group — the seller — elected to re-invest on behalf of its clients and acquire a 10% stake, committing US$260 million. The remaining equity is held by atNorth’s internal stakeholders, who rolled over a substantial portion of their existing positions.

Ownership Structure and Financing

The deal includes a financing package of US$4.1 billion (€3.6 billion), underwritten by a group of European and Canadian lenders. According to the announcement, the package supports atNorth’s continued growth, funds the transaction itself, and covers the capital required for the company’s expansion plans.

The financing figure and ownership split differ from the terms disclosed when the deal was signed. In February 2026, CPP Investments and Equinix said CPP Investments would take an approximate 60% controlling interest and Equinix an approximate 40% stake, with a provisionally agreed financing package of US$4.2 billion. Partners Group’s decision to re-invest for a 10% stake accounts for the shift in the final structure.

Independent Operation and Nordic Footprint

atNorth will continue to operate independently under its existing brand, according to the announcement. The company’s footprint spans all five Nordic countries, with eight operational data centers and several new projects underway. Sites under development are located in Sweden, Finland, Norway, and Denmark, alongside expansions to existing facilities and what the company describes as a strong portfolio of additional development projects.

Headquartered in Reykjavík, Iceland, atNorth operates its eight data centers in strategic locations across the Nordics. Four mega sites are under development in Kouvola, Finland; Ølgod, Denmark; Sollefteå, Sweden; and Haugaland, Norway. An additional metro site is under development in Stockholm, Sweden.

The operating portfolio and development pipeline together provide capacity aimed at demand from global enterprise and hyperscale customers running AI, cloud, and high-performance computing workloads, according to the announcement. atNorth’s facilities support advanced cooling technologies, renewable energy integration, and heat reuse solutions. At the time of the February signing, the companies said several atNorth facilities were liquid cooling-enabled for high-density workloads and that the company held 1 GW of secured power with further capacity planned.

Executive Statements

Maximilian Biagosch, Senior Managing Director and Global Head of Real Assets at CPP Investments, said the completed investment gives CPP Investments a controlling stake in one of the Nordics’ leading hyperscale data center platforms and marks an important milestone in the firm’s partnership with Equinix. He pointed to atNorth’s development pipeline, renewable power access, and capabilities for AI and high-performance computing workloads, and said the transaction aligns with CPP Investments’ focus on high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries.

Regina Dahlström, Managing Director of Equinix Nordics, said the acquisition will strengthen Equinix’s ability to support customers expanding digital and AI deployments while increasing capacity in a region recognized for its technology ecosystem and sustainable energy profile. She added that as AI adoption accelerates, organizations need infrastructure that brings together data, clouds, networks, and inference services.

Eyjólfur Magnús Kristinsson, CEO of atNorth, said the company has built momentum since the signing announcement earlier in 2026, securing new hyperscale contracts and expanding its development pipeline, including a new site in Norway. He said atNorth enters its next phase from a position of strength with a clear strategy to keep operating independently under its own brand while working closely with the new owners, whose backing he said enhances the company’s ability to scale at pace, expand capacity across the Nordics, and deepen relationships with global enterprise and hyperscale customers.

CPP Investments manages the Canada Pension Plan Fund on behalf of more than 22 million contributors and beneficiaries. At June 30, 2026, the Fund totalled C$863.6 billion. The organization is headquartered in Toronto and invests across public equities, private equities, real estate, infrastructure, fixed income, and alternative strategies.