CPP & Equinix buy Nordic data centre group atNorth

Partners Group has agreed to sell pan-Nordic data centre operator atNorth to a buyer group comprising CPP Investments and Equinix, in a deal that values the business at an enterprise value of USD $4 billion.

The transaction brings together a large pension investor and a global digital infrastructure operator around a platform that has expanded quickly across the Nordic region. atNorth operates eight data centres and has several sites under development in Denmark, Finland, Iceland, Norway and Sweden.

Partners Group acquired atNorth in 2022 and will reinvest alongside the new owners. It has committed to acquire up to 10% of the company as part of the transaction.

Nordic footprint

atNorth positions itself as a supplier of high-density compute infrastructure and serves more than 100 customers internationally. Further growth is tied to power availability; the company has 1 GW of secured power and additional future capacity in planning.

Rising demand for computing capacity has driven investor interest in data centres, with AI workloads and cloud adoption increasing requirements for power and real estate. The Nordic region has drawn particular attention because of its energy mix, cooler climate and established connectivity routes, although capacity constraints and grid access remain central issues across European markets.

During Partners Group's ownership, atNorth expanded its employee base by more than 200 people and accessed the debt capital markets to help finance growth and new construction.

Contracted EBITDA increased 14-fold over the last four years, according to the seller. Partners Group also reported compounded annual returns of more than 30% and a 2.5x multiple on invested capital for its clients from the investment.

Buyer group

CPP Investments is one of the world's largest pension investment managers and an active investor in infrastructure, including digital infrastructure. Equinix operates a global portfolio of data centres and interconnection services. The atNorth acquisition gives Equinix a direct stake in a Nordic platform with operating sites and a development pipeline.

The companies did not disclose the ownership split between CPP Investments and Equinix, or the expected financing structure. The transaction is subject to customary closing conditions and regulatory approvals.

For Partners Group, the sale marks another monetisation of a scaled digital infrastructure platform. It describes data centres as scale-driven businesses and says it has pursued a platform-building strategy across the sector.

Sector strategy

Partners Group has invested around USD $5 billion in data centres and holds other assets across multiple regions. Its portfolio includes EdgeCore in the US, GreenSquareDC in Australia and Digital Halo, a pan-Asian operator headquartered in Singapore.

The firm's infrastructure business has USD $36 billion in assets under management globally. Partners Group has built a sizable presence in infrastructure investing over the past decade as private capital has moved deeper into essential services and long-dated assets.

Ismail Afara, Partners Group's Member of Management, Infrastructure Europe, said the deal reflects an expansion programme during a period of strong sector growth.

"We have implemented a truly entrepreneurial value creation plan with atNorth, capitalizing on a period of unprecedented growth in the European data center industry. We thank atNorth's management team for their remarkable partnership on this journey. The Company's vision is more critical than ever: to offer more compute for a better world. We congratulate CPP Investments and Equinix as they partner with the Company and management team. We are excited to reinvest alongside them for the next chapter of growth," said Ismail Afara, Member of Management, Infrastructure Europe, Partners Group.

atNorth Chief Executive Officer Eyjólfur Magnús Kristinsson said the company has shifted its market position over the past four years and welcomed the new shareholder group.

"In the last four years, atNorth has transformed into a leading pan-Nordic data center platform, and a globally significant AI powerhouse. We are grateful for the partnership with Partners Group, whose deep sector experience we have been able to leverage to execute our ambitious growth plan. We look forward to working with our new shareholders, CPP Investments and Equinix," said Kristinsson.

Esther Peiner, Partners Group Partner and Head of Infrastructure, said the firm remains focused on the sector after the exit and pointed to its approach across the portfolio.

"Data centers 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, optimizing our exposure across diverse markets and customer types while improving overall risk-return profile. Whilst the sale of atNorth marks a successful control exit from our data center portfolio, we remain thematically focused on data center assets across the globe," said Peiner.