Colocation giant Equinix and Canadian pension fund Canada Pension Plan Investment Board (CPP Investments) have closed their acquisition of European data center firm atNorth.

The companies said this week that the $4.1 billion deal had officially closed, some eight months after it was first announced.

Previous owner Partners Group, on behalf of its clients, has elected to reinvest and acquire a 10 percent stake in atNorth.

As a result, CPP Investments will hold a ~51 percent controlling stake after committing $1.3bn, alongside Equinix’s ~34 percent for $895 million, and Partners Group’s ~10 percent via a $260m investment. The remainder will be held by atNorth’s internal stakeholders, who have chosen to roll over a “substantial portion” of their equity.

First announced in February, CPP was originally set to acquire a 60 percent stake in atNorth, with Equinix taking the remaining 40 percent.

The transaction involves a financing package of $4.1bn (€3.6bn), underwritten by a group of European and Canadian lenders to support atNorth’s growth, fund the transaction, as well as the capital required to fund the expansion of the business.

“The completion of this investment gives CPP Investments a controlling stake in one of the Nordics’ leading hyperscale data center platforms, and marks an important milestone in our partnership with Equinix,” said Maximilian Biagosch, senior managing director & global head of real assets, CPP Investments. “With its strong portfolio of development projects, access to renewable power and differentiated capabilities for AI and high-performance computing workloads, atNorth is well positioned to support the region’s next phase of growth. This important transaction also aligns with CPP Investments’ focus on investing in high-quality digital infrastructure businesses that can deliver long-term value for CPP contributors and beneficiaries.”

AtNorth’s data center footprint spans five Nordic countries, with eight operational data centers and additional projects underway across the region. The firm has sites under development in Sweden, Finland, Norway, and Denmark.

“The acquisition will strengthen our ability to support customers expanding digital and AI deployments, while increasing capacity in a region widely recognized for its advanced technology ecosystem and sustainable energy profile,” said Regina Dahlström, managing director, Equinix Nordics. “As AI adoption accelerates, organizations need infrastructure that brings together data, clouds, networks and inference services. Expanding our footprint helps create the interconnected hubs that enable data to move efficiently and securely across ecosystems.”

AtNorth was formed as Advania Data Centers in 2012 from three components: Skyrr, a public sector IT specialist in Iceland; Kerfi, a Swedish outfit with roots in a Nokia spin-off called Datapoint; and Hands from Norway.

The company de-merged from the Advania Group in 2017 and rebranded to atNorth in 2020. Swiss investment manager Partners Group acquired the company in December 2021.

It currently operates seven data centers across Sweden, Iceland, and Finland, with more in development in Finland, Denmark, Sweden, and Norway. Equinix said atNorth has a pipeline of data centers in operation and under construction equating to 800MW of capacity, and has a secured power bank of 1GW to energize new data centers.

“Since the signing announcement earlier this year, atNorth has continued to build strong momentum, securing new hyperscale contracts and expanding our development pipeline, including a new site in Norway,” said Eyjólfur Magnús Kristinsson, CEO of atNorth. “We enter this next phase from a position of strength, with a clear strategy to continue to operate independently under the atNorth brand, while working closely with CPP Investments and Equinix. The backing of our new owners enhances our ability to scale at pace, expand capacity across the Nordics, and deepen our relationships with global enterprise and hyperscale customers.”

Equinix has a footprint that includes Finland (five facilities in Helsinki) and Sweden (three across Stockholm). Buying atNorth would see Equinix enter Iceland, Denmark, and Norway.

The companies haven’t said if atNorth will continue as a standalone company or be rolled into Equinix.

Digital Realty was previously reported as also being in the running against Equinix to acquire atNorth.