Equinix rises on deal to acquire data center operator atNorth

Equinix EQIX.O shares advancing 2.1% to $968.25 on Fri after the co and Canada Pension Plan Investment Board agreed to acquire Nordic data center operator atNorth

EQIX shares outperforming S&P 500 Real Estate index's .SPLRCR 0.7% gain on the session, while S&P 500 down 0.8% and Nasdaq IXIC off >1%

Deal valued at ~$4 bln, with CPPIB to invest ~$1.6 bln for a 60% stake and EQIX holding 40%; transaction expected to be immediately accretive to EQIX's adj FFO upon completion

atNorth operates eight data centers in the Nordic region and plans a pipeline of ~800 megawatts over the next five years to meet Europe's rising AI demand

With move on Fri, EQIX shares have rallied ~26% YTD vs ~9% advance in SPLRCR

Stock is ~3% below its all-time intraday high of $992.90 hit on Feb 12

Shares jumped >10% on Feb 12 after co forecast annual sales above estimates, betting on strong AI-linked demand

Avg rating of 31 analysts is "buy"; median PT $1,025, per LSEG data