Finnish data center developer Hyperco has been acquired by Dubai operator Edgnex.

The companies have formed what they describe as a “strategic partnership” which will see Damac-owned Edgnex acquire Hyperco. Terms of the deal were not disclosed.

Hyperco operates data centers in Finland and across the Nordic nations, offering colo space and undertaking build-to-suit projects.

“Our goal is to continue growing, and in a business like ours, we need a lot of capital to do that,” said Hyperco CEO Aleksi Taipale. “The collaboration with Edgnex provides us with long-term and strong financial backing, international expertise, and valuable networks that will help us develop our current and future projects in Finland and other Nordic countries,”

Founded in 2020, Hyperco announced plans to invest €200 million ($243.4 million) in data centers in the Nordics in June 2021. The company’s investors include NREP, one of the largest real estate funds in the Nordics, and Varma, one of Finland’s biggest pension funds. Taipale and his co-founders Timo Pohjanpalo, and Ville Vartiainen, were all previously at NREP.

In June 2022 the company acquired its first data center from TS-Yhtymä, a Finnish family office, for more than €35 million ($36.4m). The property, located at Myllynkivenkuja 4 in Vantaa, offers 16,900 sqm (181,900 sq ft) of leasable area, and has the potential for a 6,500 sqm (70,000 sq ft) extension. At the time it had two long-term tenants: Equinix and Thales, with the colocation firm offering 1,840sqm (19,805 sq ft) of colocation space across two floors.

In December 2022, it said it was building two additional data centers in the Helsinki region, offering an additional capacity of 50MW.

UAE-based property investor Damac Group set up Edgnex (aka Damac Data Centres) in 2021. The company has a growing presence in Asia and the Middle East, and is building facilities in Saudi Arabia in Dammam and Riyadh that will deliver 55MW by 2025, as well as developing a data center in Turkey in partnership with Vodafone.

In January, Damac said it would invest $20 billion in data centers in the US.

“This collaboration supports our goal of expanding our operations in the Nordics and Europe,” said Hussain Sajwani, founder of Damac Group. “Hyperco has a world-class team with a deep understanding of the Nordic market and shares our vision of developing strong partnerships and investing in and developing world-class digital infrastructure for our clients.”

Writing on LinkedIn, Taipale said he and the existing Hyperco management team would remain in place following the takeover.