CPP Investments and Equinix to Acquire atNorth for US$4 Billion

Core Insights - CPP Investments and Equinix have announced a joint agreement to acquire atNorth for an enterprise value of US$4 billion, aimed at enhancing data center capacity in the Nordics to meet rising demand for enterprise, AI, and hyperscale services [1][2] Group 1: Acquisition Details - The transaction involves CPP Investments investing approximately US$1.6 billion for a 60% controlling interest, while Equinix will hold a 40% stake [1] - The acquisition is expected to be immediately accretive to Equinix's adjusted funds from operations (AFFO) per share upon closing [1] - atNorth operates eight data centers across Denmark, Finland, Iceland, Norway, and Sweden, with plans for further expansion and 1 GW of secured power [1][2] Group 2: Strategic Importance - The acquisition underscores the strategic significance of the Nordics as a growing hub for AI and digital infrastructure, supported by a resilient economy and a focus on sustainability [1][2] - atNorth's facilities are designed to support high-density workloads, including AI and high-performance computing, with a focus on renewable energy and circular economy principles [1][2] Group 3: Financial and Operational Aspects - CPP Investments and Equinix have provisionally agreed to a financing package of US$4.2 billion to fund the acquisition and business expansion [2] - Equinix currently operates eight data centers in the Nordics, contributing to a broader European footprint of over 100 facilities across 20 countries [2]