ATNORTH
Acquired by
PARTNERS GROUP
ATNORTH acquired by PARTNERS GROUP
Target
ATNORTH
Acquirer
PARTNERS GROUP
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.
This transaction is part of the TMT (Tech, Media, Telecom) industry, which currently tracks an average EBITDA multiple of 13.0x since the beginning of 2026, 5.1% decrease compared to 2025. 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.
Ent. Value
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Historical Financials (EUR)
Other operations with ATNORTH
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2026 | CPP INVESTMENTS / EQUINIX | ATNORTH | ICELAND | Hosting / Datacenter | 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. |
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