Equinix and CPP Investments Acquire atNorth to Broaden Data Center Presence

Equinix and CPP Investments Announce $4.2 Billion Acquisition of atNorth

Equinix, Inc. (EQIX) and the Canada Pension Plan Investment Board (CPP Investments) have revealed plans to jointly purchase atNorth from Partners Group in a deal valued at $4.2 billion, pending standard closing requirements. atNorth is a prominent Nordic company specializing in high-density colocation and custom-built data centers.

Under the agreement, CPP Investments will contribute $1.6 billion and secure nearly 60% ownership, while Equinix will hold the remaining 40%. Once finalized, the acquisition is expected to immediately boost Equinix’s adjusted funds from operations (AFFO) per share. The partnership aims to provide atNorth with the resources needed to expand and meet the rising demand for advanced data center infrastructure in the region.

atNorth currently operates eight data centers across Denmark, Finland, Iceland, Sweden, and Norway, with additional sites under development. The company is planning further growth, supported by 1 GW of secured power and more capacity on the horizon. Its facilities are equipped for high-density workloads, utilize liquid cooling technology, and are designed with sustainability in mind to minimize environmental impact.

Equinix itself manages eight data centers in the Nordic region—five in Helsinki and three in Stockholm. With over 100 facilities in 20 European countries, Equinix enables clients to efficiently deploy infrastructure and connect users across borders. All of Equinix’s European data centers operate on 100% renewable energy and incorporate innovative solutions to reduce carbon emissions.

Strategic Impact of the atNorth Acquisition

The purchase of atNorth represents a significant step for Equinix and CPP Investments, strengthening their foothold in the rapidly expanding Nordic data center sector. This move not only increases Equinix’s presence in a region known for its abundant renewable energy and robust digital infrastructure, but also provides atNorth with the capital and expertise to accelerate its growth plans.

With secured power resources, advanced high-density capabilities, and a strong focus on sustainability, the acquisition positions both companies to benefit from the increasing demand driven by cloud computing and artificial intelligence workloads. The deal is set to enhance Equinix’s European platform, support long-term AFFO growth, and reinforce its dedication to sustainable digital infrastructure.

In the last three months, Equinix shares—ranked #2 (Buy) by Zacks—have surged 33.9%, outpacing the broader REIT sector’s 6.4% growth.

Analyst sentiment remains positive, with the Zacks Consensus Estimate for Equinix’s 2026 FFO per share recently nudged up to $41.93.

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Additional highly rated stocks in the REIT sector include Cousins Properties (CUZ) and W.P. Carey (WPC), both currently holding a Zacks Rank #2.

• The Zacks Consensus Estimate for Cousins Properties’ 2026 FFO per share stands at $2.93, indicating a projected annual growth of 3.2%.
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Note: All earnings figures mentioned refer to funds from operations (FFO), a key metric for evaluating REIT performance.

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• Equinix, Inc. (EQIX): Free Stock Analysis Report
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