CPP Investments and Equinix’s US$4bn joint acquisition

US$4bn

enterprise value

Eight

jurisdictions, one integrated
deal counsel

16 years

of trusted advice to
longstanding client, Equinix

Transaction overview

01	On 27 February 2026, Canada Pension Plan Investment Board and Equinix, Inc. announced they have entered into a joint agreement to purchase atNorth from Partners Group at an enterprise value of US$4 billion. The joint venture will be owned c.60% by CPP Investments and c.40% by Equinix.
02	Completion of the acquisition is subject to customary closing conditions, including regulatory approvals.

Strategic rationale

atNorth is a leading Nordic data centre provider

Offering high-density colocation and built-to-suit services. Its portfolio includes eight operational data centres, with several sites under development and plans for further expansion, across Denmark, Finland, Iceland, Norway and Sweden.

Continued rapid scaling

The agreement between CPP Investments and Equinix will support atNorth in its continued rapid scaling, through capturing opportunities created by rising demand for data centre infrastructure.

Builds out European presence

The acquisition further enhances CPP Investments’ global data centre strategy and builds out its presence in Europe.

Currently operate eight data centres

Equinix, one of the world’s largest digital infrastructure companies, currently operates eight data centres in the Nordics, and the acquisition is complementary to its connectivity services and global footprint.

What value did we bring?

Digital infrastructure and data centre expertise

Leveraging our full‑service M&A platform and deep asset‑level understanding and experience advising data centre operators, (including on power, permitting and real estate through to customer and capacity offtake leasing), we guided CPP Investments and Equinix through legal and commercial complexities to structure a deal that supports long-term value creation.

International execution

A global transaction, involving a Canadian pension fund and a listed US corporate jointly acquiring a Nordic platform from a Swiss private equity house. Acting as global deal counsel, we coordinated specialist advice across multiple jurisdictions to ensure a seamless service.

Delivering a successful consortium bid in a competitive process

We managed both the consortium negotiation between Equinix and CPP Investments and the successful joint acquisition of atNorth through a competitive auction process. This required strategic and tactical judgement, high speed and quality of execution.

Regulatory analysis

Drawing on our experience in the most significant antitrust decisions in the data centre space, including the landmark Equinix TelecityGroup case, we applied sophisticated antirust and regulatory expertise where needed.

Deal team

James Cook Partner

Hemita Sumanasuriya Partner

Richard Smith Partner

Simon Bartle Partner

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This material is provided for general information only. It does not constitute legal or other professional advice.

CPP Investments and Equinix