Equinix and CPP Invest $4B to Acquire Nordic Data Center Operator
Equinix and CPP Investments will acquire Nordic data center operator atNorth for $4 billion, backed by a $4.2 billion financing package, with CPP investing $1.6 billion for a 60% stake. atNorth’s eight centers across five countries offer 1 GW of power capacity and an 800 MW development pipeline.
1. Joint Acquisition Structure
Equinix and CPP Investments have agreed to acquire atNorth in a $4 billion transaction structured with a $4.2 billion financing package. CPP will invest $1.6 billion for a 60% controlling stake, while Equinix will hold the remaining 40%, subject to customary approvals.
2. atNorth Infrastructure and Pipeline
atNorth operates eight data centers across Denmark, Finland, Iceland, Norway and Sweden, secured with approximately 1 GW of power capacity. The company maintains an active pipeline of around 800 MW of additional capacity slated to come online over the next five years, including liquid cooling systems for AI workloads.
3. Financial Implications for Equinix
Equinix expects the acquisition to be immediately accretive to adjusted funds from operations per share upon closing. The deal leverages Equinix’s global connectivity services and positions the company for further expansion in Europe.
4. Competitive Implications for Digital Realty
This transaction expands competitive capacity in the Nordics, a region prized for renewable energy and cooling climates. Digital Realty may face pricing and market-share pressures and could consider similar strategic moves to bolster its regional footprint.