Equinix and Canada Pension Plan Investment Board are nearing a $4 billion deal to acquire atNorth, a pan-Nordic data center operator backed by Partners Group. The transaction, which could be announced imminently, values the Iceland-headquartered company at approximately $4 billion including debt, Bloomberg News reported.

atNorth operates data centers across Iceland, Denmark, Sweden, and Finland, serving hyperscale cloud providers, artificial intelligence workloads, and high-performance computing clients. Partners Group acquired the business in 2022 and has since supported its expansion throughout the Nordic region. The deal represents a significant exit for the private equity firm and highlights continued investor appetite for scalable, energy-efficient data infrastructure platforms in Northern Europe.

The potential acquisition underscores Equinix's aggressive expansion strategy to capture rising demand for digital infrastructure while pension funds like CPPIB increase exposure to data-center assets as part of long-term infrastructure allocations. If completed, the transaction would mark another major move in the consolidation of the European data center market.