atNorth Acquisition: The Nordics as an AI Infrastructure Hub

The acquisition of atNorth looks set to strengthen the position of CPP Investments and Equinix in one of Europe’s fastest-growing AI infrastructure markets, while placing the Nordics at the centre of high-density compute capacity for hyperscale and enterprise customers.

While the deal – which values atNorth at US$4bn – remains subject to regulatory approvals, CPP is set to take a 60% controlling stake, with Equinix taking 40%.

The new ownership structure is focused on growth across Denmark, Finland, Iceland, Norway and Sweden. Operations, facilities and customer relationships will remain under the atNorth brand, while capital from the partners will support scale and capacity development.

Scaling high-density data centre capacity

atNorth operates eight data centres across the Nordics and maintains several additional sites under development. It has secured 1GW of power and plans further capacity to meet demand from hyperscale, enterprise and AI customers.

The company's facilities support high-performance computing and AI workloads. These environments support modelling, simulation and large-scale data analysis, all of which require dense processing power.

Several sites include infrastructure designed for liquid cooling. The approach enables higher rack density because liquid transfers heat more efficiently than air cooling. High-density deployments therefore operate with stable temperatures even as AI workloads increase compute demand.

Across its data centre portfolio atNorth integrates renewable energy sourcing, heat reuse and modular design in a bid to reduce environmental impact. 

"This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data centre platform," said Eyjólfur Magnús Kristinsson, CEO of atNorth, after the agreement was announced. "It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse.

"Our strategy remains firmly rooted in the Nordics, and we will continue to operate independently under the atNorth brand, preserving our dedication to the communities where we operate and the culture and values that have defined our success to date."

Investor commitment to digital infrastructure

The acquisition expands on CPP Investments' long-standing relationship with Equinix and continues a focus on digital infrastructure as an asset class. 

Maximilian Biagosch, Senior Managing Director and Global Head of Real Assets at CPP Investments, says: “This transaction builds on our long-standing and highly productive relationship with Equinix.

"It demonstrates our conviction and commitment to the data center sector, where demand continues to accelerate, fueled by continued strong enterprise demand as well as cloud and AI adoption.

"The Nordics are an attractive market for data centre growth and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform, helping us deliver attractive risk-adjusted returns for CPP contributors and beneficiaries."

Equinix positions the atNorth portfolio as Bruce Owen, the company's EMEA President explains. 

"Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics’ expanding digital landscape," he continues. 

"For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organisations operating in the region."

Esther Peiner, Partner and Head of Infrastructure at Partners Group, adds: "Data centres are scale-driven businesses. Across our portfolio, we have adopted a platform-building strategy by starting with a smaller base and then leveraging our expansion toolkit.

"This allows us to tailor our approach to each platform, optimising our exposure across diverse markets and customer types while improving overall risk-return profile.

"While the sale of atNorth marks a successful control exit from our data centre portfolio, we remain thematically focused on data centre assets across the globe."

The Nordics' expanding role in AI infrastructure

The Nordics continues to emerge as a preferred location for high-density data centres. Access to renewable energy, cool climates and stable regulatory environments support large-scale digital infrastructure. 

What's more, strong research ecosystems and technical expertise across the region support growth in advanced compute deployments. 

For AI and high-performance computing operators, the combination of renewable power and liquid-cooling-capable facilities becomes increasingly important as rack densities rise. AI infrastructure often requires higher rack density because large model training workloads rely on clusters of graphics processing units and specialised processors.

Under the new ownership structure, capital from CPP Investments and Equinix looks set to support continued campus development and infrastructure build out across the Nordics, as atNorth maintains operational independence.