Atnorth acquired by CPP Investments / Equinix

ICELAND IT Services / Infrastructure & Cloud / Hosting / Datacenter EV $1–10bn

Context

Partners Group has agreed to sell atNorth to a consortium comprising CPP Investments and Equinix. Under the agreement, CPP Investments will hold a 60% controlling interest, with Equinix owning the remaining 40%. The transaction marks a successful exit for the seller, who transformed the company from a smaller base into a leading pan-Nordic platform, increasing contracted EBITDA 14-fold since 2022. The deal includes a provisionally agreed financing package of 4.2 billion dollars to fund both the acquisition and the aggressive expansion of the company’s 1.8 GW secured power pipeline. Strategically, the acquisition provides the acquirers with immediate access to significant high-density capacity in key Nordic markets to meet the surging demand for AI and hyperscale workloads. The seller has committed to reinvesting and acquiring up to 10% of the company, signaling continued confidence in the platform's future growth.

In the past, Atnorth was acquired by Partners Group in 2022 as part of its expansion strategy.

Atnorth, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of Above 20x.

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Target

atNorth is a leading pan-Nordic data center platform specializing in high-density colocation and built-to-suit solutions designed for AI and High-Performance Computing (HPC). The company’s business model leverages the Nordic region’s natural cooling, renewable energy abundance, and circular economy principles, such as heat reuse and modular design. Operating eight operational facilities across Denmark, Finland, Iceland, Norway, and Sweden, atNorth serves a diversified international base of over 100 customers. Its value proposition is centered on providing high-density compute infrastructure with a competitive total cost of ownership and fast ready-for-service timelines. With a secured power bank of 1 GW and an 800 MW active development pipeline, the platform is positioned as a globally significant AI powerhouse capable of supporting massive liquid-cooled workloads.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2025

2024

Other operations with Atnorth

Other operations with Atnorth
Date	Acquirer	Target	Country	Sector
01/2022	PARTNERS GROUP	ATNORTH	ICELAND	Hosting / Datacenter

Other operations with CPP Investments / Equinix

Other operations with CPP Investments / Equinix
Date	Acquirer	Target	Country	Sector
12/2025	GENERAL ATLANTIC / CPP INVESTMENTS	BOATS GROUP	UNITED STATES	E-commerce & Marketplaces
09/2024	BLACKSTONE / CPP INVESTMENTS	AIRTRUNK	AUSTRALIA	Hosting / Datacenter

Similar deals in IT Services

Similar deals in IT Services
Date	Acquirer	Target	Country	Sector
04/2026	AFINUM	SEQURIO	GERMANY	Cybersecurity Services
03/2026	SPYROSOFT	MD CONSULTING UND INFORMATIONSDIENSTE	GERMANY	Custom Dev
02/2026	ISAI	FLEET	FRANCE	IT Services
02/2026	BRIDGEPOINT / POLARIS PRIVATE EQUITY	PDSVISION GROUP	SWEDEN	Consulting & Integration
01/2026	PRESIDIO	ERGO	IRELAND	MSP (Managed Services)
01/2026	ICG	NAVARINO	GREECE	MSP (Managed Services)
01/2026	AFINUM	ERGON	SWITZERLAND	Cybersecurity Services
01/2026	COMPUTACENTER	AGREEYA SOLUTIONS	UNITED STATES	Consulting & Integration
12/2025	COFORGE	ENCORA	UNITED STATES	Data & AI Consulting
11/2025	SESA GROUP	4IT SOLUTIONS	SWITZERLAND	MSP (Managed Services)

REFERENCES

Valuation range: EV $1–10bn

EBITDA range: $100–200M

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Atnorth by CPP Investments / Equinix are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: atnorth

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of Atnorth, an Icelandic company specialised in Infrastructure & Cloud, by CPP Investments and Equinix in 2026. This followed an earlier holding cycle initiated in January 2022, when the company was acquired by Partners Group.

How was the acquisition of Atnorth by CPP Investments valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band and its EV/EBITDA multiple within the Above 20x range. Exact figures are available to members.

What was Atnorth’s EBITDA at the time of the deal?

At the time of the transaction, Atnorth’s EBITDA was estimated within the $100–200M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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