Equinix & CPP Investments Complete $4 Billion atNorth Acquisition

Equinix (EQIX) and Canada Pension Plan Investment Board closed their $4 billion acquisition of atNorth, a Nordic data center operator, expanding EQIX's footprint in AI-ready infrastructure. CPP Investments holds 51% of atNorth, while Equinix owns 34%.

The deal is immediately accretive to Equinix's adjusted funds from operations per share, according to Zacks Investment Research. AtNorth operates eight data centers across the Nordic region, a geography prized for low-cost renewable energy and natural cooling—critical for power-intensive AI workloads.

The transaction deepens Equinix's exposure to hyperscale and AI infrastructure demand outside its core colocation business. The Nordic region has emerged as a strategic hub for data center expansion as tech companies seek energy-efficient locations to support generative AI training and inference.

With CPP as majority owner, the deal follows a joint-venture model Equinix has used to fund growth while preserving balance-sheet flexibility. The company did not disclose the revenue contribution from atNorth's existing facilities.