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Equinix and CPP Investments are set to acquire Atnorth, an Icelandic data center operator, from Partners Group for about $4 billion. Post-transaction, CPP Investments will hold 60% and Equinix 40% of Atnorth.

A financing package of $4.2 billion is in place to facilitate Atnorth's expansion to meet increasing demand for AI and data center capacity in the Nordics. Atnorth will continue to operate under its brand.

The deal is pending regulatory approvals. Atnorth is also planning a new data center in Ølgod, Denmark, projected to be operational by 2026.