At what enterprise value was ATNORTH acquired in 2022?

You can find the full valuation details of ATNORTH on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ATNORTH when it was acquired by PARTNERS GROUP?

The exact EV/EBITDA multiple for ATNORTH is available on mynth capital. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.1x. Join our community for free to access full valuation data and industry trends.

When was ATNORTH acquired by PARTNERS GROUP?

ATNORTH was acquired by PARTNERS GROUP in 2022.

What was the revenue of ATNORTH at the time of the deal?

The revenue of ATNORTH at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ATNORTH during the acquisition?

ATNORTH's EBITDA is estimated to be in the range of 5M - 25M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ATNORTH acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ATNORTH deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.partnersgroup.com/en/news-and-views/press-releases/investment-news/detail?news_id=5176cfb1-1d85-47a8-887c-2c2e9179be12

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Home Database TMT (Tech, Media, Telecom)ATNORTH

01/2022

ATNORTH acquired by PARTNERS GROUP

ICELAND IT Services / Infrastructure & Cloud / Hosting / Datacenter REV 450M - 900M EUR

Context

Partners Group has agreed to acquire a majority stake in atNorth Holding AB from its existing shareholder group with the objective to transform atNorth from an Icelandic-centric operator into a leading pan-Nordic data center provider. The transaction aligns with atNorth's strategic goal to accelerate its expansion across the Nordic region, capitalizing on the rapidly growing demand for high-density and power-efficient data hosting driven by AI applications. At the time of acquisition, atNorth operated two major sites in Iceland (83MW committed capacity) and was finalizing a 11MW state-of-the-art site in Stockholm, Sweden. Partners Group plans to implement a transformational value creation plan that includes building new sites, growing the contract portfolio, and institutionalizing internal processes. This acquisition marks a key entry into the Nordic data market, which is forecasted to grow at a 22.5% CAGR, positioning atNorth to gain market share through its renewable-only and cost-optimized service offering.

ATNORTH, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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.

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Other operations with ATNORTH

Date	Acquirer	Target	Country	Sector	Deal Context
02/2026	CPP INVESTMENTS / EQUINIX	ATNORTH	ICELAND	IT Services	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.

REFERENCES

Revenue range: 450M - 900M EUR

EBITDA range: 5M - 25M EUR

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

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: atnorth

Acquirer: partners group