Toronto, Canada and Amsterdam, Netherlands – February 27, 2026 – Canada Pension Plan Investment Board (CPP Investments) and Equinix, Inc. (NASDAQ: EQIX) have announced their joint agreement to acquire atNorth for a total enterprise value of US$4 billion. The transaction is expected to be immediately accretive upon close to Equinix’s adjusted funds from operations (AFFO) per share. CPP Investments will invest approximately US$1.6 billion, owning an approximate 60% controlling interest, and Equinix will own an approximate 40% stake.
atNorth, a leading Nordic high-density colocation and built-to-suit data center provider, operates in five countries and has a portfolio that includes eight operational data centers alongside several sites under development across Denmark, Finland, Iceland, Norway, and Sweden. The company has an installed and active development pipeline of approximately 800 MW that will come online over the next five years, with plans for significant further expansion, providing a platform for future growth across the Nordics.
Equinix currently operates eight data centers in the Nordics, including five in Helsinki and three in Stockholm, contributing to a wider European footprint of over 100 facilities across 20 countries. This regional reach enables customers to deploy infrastructure close to end users and directly connect with AI, cloud, network, and enterprise partners anywhere in the world.
The transaction adds to CPP Investments’ long-standing collaboration with Equinix, which includes a 2024 joint venture alongside GIC to expand the Equinix xScale® data center program. It also enhances CPP Investments’ global data center strategy and builds out its presence in Europe.
Equinix operates all its European facilities with 100% renewable energy coverage and is on track to achieve its global net-zero target by 2040. The company’s environmental strategy centers around implementing energy efficiency initiatives to optimize energy usage, piloting innovative decarbonization solutions, and collaborating with suppliers to address emissions.
The acquisition will provide Equinix with access to capacity to meet enterprise, AI, and hyperscale demand in key markets. This move underscores the strategic importance of the region as Europe’s rising AI powerhouse and is expected to enhance Equinix’s ability to help customers unlock the full potential of the Nordics’ expanding digital landscape.
The transaction is subject to customary closing conditions, including regulatory approvals, and CPP Investments and Equinix have provisionally agreed to a financing package of US$4.2 billion (€3.6 billion), underwritten by a group of European and Canadian lenders to fund the transaction as well as the capital required to fund the expansion of the business. The market has reacted to these announcements by moving the company's shares -0.01% to a price of $801.78. For more information, read the company's full 8-K submission here.
