Antin Infrastructure Partners strengthens its digital infrastructure portfolio with the acquisition of NorthC Datacenters

Antin Infrastructure Partners has agreed to acquire NorthC Datacenters, a leading enterprise colocation data centre platform in Northwest Europe, from DWS and minority shareholders, in a transaction valued at approximately €2 billion ($2.35 billion) according to sources close to the deal. The acquisition will be made through Antin’s Flagship Fund V and forms part of a broader wave of infrastructure investments across Germany and the wider DACH region.

Headquartered in Amsterdam, NorthC operates 25 colocation data centres across the Netherlands, Germany and Switzerland, with over 140 MW of secured gross grid capacity from existing and greenfield sites, positioning the platform for continued expansion.

Founded in 2019 through the merger of two Dutch operators, NorthC has rapidly emerged as a major European player. Under the leadership of CEO Alexandra Schless, the company has expanded into Germany and Switzerland, delivering sustained organic growth supported by greenfield developments and bolt-on acquisitions, including the recent addition of six data centres in Germany and the Netherlands.

NorthC serves more than 1,600 blue-chip customers spanning cloud and IT service providers, carriers, public sector bodies, financial institutions, industry, transport, and the healthcare and pharmaceutical sectors. The platform is well positioned to benefit from long-term structural demand driven by IT outsourcing, cloud adoption, increasing data sovereignty requirements and the rapid growth of AI workloads.

Antin brings significant experience in scaling digital infrastructure assets across Europe, including its investment in Pulsant, a UK-based enterprise colocation data centre platform, alongside a broader portfolio spanning fibre and communications infrastructure. The acquisition of NorthC represents Antin’s sixth investment from its €10.2 billion Flagship Fund V, reinforcing its value-add strategy focused on established infrastructure assets in Europe and North America.

Commenting on the transaction, Stéphane Ifker, Managing Partner at Antin, and Maximilian Lindner, Partner, said: “We have a strong conviction in the growth potential of colocation data centres, and NorthC is a leading operator in this increasingly strategic segment. We look forward to supporting Alexandra and her team as they enter the next phase of growth.”

Harold D’Hauteville, Partner at DWS Infrastructure, added: “Over the past six years, NorthC has established itself as a regional leader across Benelux and DACH. We are confident the company will continue to scale under its new ownership, supported by strong secular tailwinds linked to digital transformation and AI.”

CEO Alexandra Schless commented:
“We are grateful to DWS for its support and are delighted to partner with Antin, whose experience in enterprise colocation will be instrumental in capturing the significant growth opportunities ahead.”

Legal and financial advisers

NorthC and its shareholders were advised by Evercore and Torch Partners as financial advisers, and Latham & Watkins as legal adviser. Antin was advised by Guggenheim Securities, with legal advice provided by Clifford Chance on corporate M&A and Simpson Thacher & Bartlett on antitrust and foreign direct investment matters.

The Latham & Watkins team was led by Frankfurt partner Stefan Rieger, alongside London partners Sam Newhouse and Maarten Overmars, with support from Conrad Andersen (finance, London) and Susan Kempe-Müller (IP, Frankfurt). Latham has advised NorthC on multiple transactions in recent years and has seen a 40% year-on-year increase in infrastructure deals, reflecting strong momentum in Germany’s infrastructure market.

Clifford Chance’s team was led by London partners Spencer Baylin, Thomas Fisher and Anselm Raddatz, while Étienne Renaudeau led the Simpson Thacher team from London. Clifford Chance’s relationship with Antin dates back to 2014, including its acquisition of Roadchef.

The transaction remains subject to regulatory approvals and is expected to close in H1 2026.

Sophie Stevenard