US colocation giant Equinix is reportedly close to acquiring European data center operator atNorth.

Bloomberg reports Equinix and the Canada Pension Plan Investment Board (CPP) are nearing a deal to acquire Partners Group-owned atNorth.

According to people with knowledge of the matter, the consortium is reportedly “putting the finishing touches” on a purchase that would value the European operator at around $4 billion.

A deal could be announced as soon as this week.

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.

Nordic operator atNorth currently operates seven data centers across Sweden, Iceland, and Finland, with more in development in Finland, Denmark, Sweden, and Norway.

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.

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

The Canada Pension Plan Investment Board, operating as CPP Investments, oversees and invests the funds contributed to and held by the Canada Pension Plan, one of Canada’s major pension funds. Founded in 1997, it has some CA$780bn (US$570bn) in assets under management.

CPP Investments made its first direct data center investment in 2017 and has made several significant investments in the digital infrastructure space. Most recently, it partnered with Goodman to establish a €8bn (US$9.4bn) European data center partnership.

Last November, it invested KRW 1 trillion (US$711m) in a joint venture with Pacific Asset Management Company to develop hyperscale data centers in South Korea. Other recent investments include buying Australia’s AirTrunk alongside Blackstone, as well as previously partnering with Mitsui in Japan and Keppel’s Alpha fund.

October 2024 saw CPP partner with Equinix in a $15bn joint venture to develop hyperscale data centers in the US under Equinix’s xScale brand.