A major acquisition in the technology sector was announced Friday as the Canada Pension Plan Investment Board partnered with Equinix to purchase atNorth, a data center company operating throughout Scandinavia, in a transaction worth approximately $4 billion.
According to a joint announcement from the companies, CPP will put up around $1.6 billion to secure a 60% controlling interest in the business, while Equinix will take the remaining 40% share. The deal is anticipated to boost Equinix’s adjusted funds from operations right after it closes.
The acquired company currently runs eight data center facilities spanning Denmark, Finland, Iceland, Norway and Sweden, with multiple additional locations in development phases.
atNorth has locked in 1 gigawatt of electrical capacity for future growth and is planning approximately 800 megawatts worth of projects over the coming five years as it works to satisfy Europe’s growing artificial intelligence infrastructure needs.
Private equity company Partners Group originally purchased the business in 2022 for an amount that wasn’t disclosed publicly, and has backed its expansion throughout the region since then.
Equinix, headquartered in California, has been pursuing aggressive growth strategies to capitalize on surging demand for digital infrastructure, while CPP has been building up its investment portfolio in data center properties.
