Bernstein Sets $1,128 Target as Equinix Invests $1.6B in $4B Nordic Deal
Bernstein initiated coverage of Equinix with an Outperform rating and a $1,128 price target, calling it the enterprise data center “juggernaut” with durable, sticky revenue. Equinix agreed to invest $1.6 billion alongside Canada Pension Plan Investment Board in a $4 billion acquisition of eight Nordic data centers, boosting AFFO per share.
1. Bernstein Initiates Coverage
Bernstein launched coverage of Equinix with an Outperform rating and assigned a $1,128 price target, highlighting the company’s leadership in enterprise data centers. The firm emphasized Equinix’s sticky, durable revenue driven by its extensive interconnection capabilities and strategic metro presence.
2. Acquisition Agreement with CPP Investments
Equinix and Canada Pension Plan Investment Board agreed to acquire Nordic operator atNorth from Partners Group for a total transaction value of $4 billion. Under the terms, CPP Investments will contribute $1.6 billion for a 60% controlling stake, while Equinix will hold the remaining 40%, subject to regulatory approvals.
3. atNorth Data Center Portfolio
atNorth currently operates eight data centers across Denmark, Finland, Iceland, Norway and Sweden, with an additional facility pipeline supported by approximately 1 GW of secured power capacity. The infrastructure features liquid-cooling systems, renewable energy integration and modular designs to support high-density AI and high-performance computing workloads.
4. Financial and Strategic Implications
The acquisition is expected to immediately enhance Equinix’s AFFO per share and expand its global footprint in the fast-growing Nordic market. This deal bolsters Equinix’s ability to offer comprehensive digital infrastructure solutions and strengthens its position in AI and enterprise interconnection services.