Magnora Acquires Majority Stake in Storespeed

Norwegian renewable investment firm Magnora has entered the data center market with the acquisition of Norwegian data center developer Storespeed. Magnora acquired a 75 percent stake in the company in partnership with Blix Solutions, a data center developer based in Norway, which nabbed a five percent stake. The existing shareholders will retain the remaining 20 percent. 

“Local data center operators such as Storespeed play a critical role in providing redundancy, sovereign cloud capabilities, and local physical presence, enabling secure, low-latency alternatives to global cloud providers,” said Erling Magnus Solheim, head of data center Magnora, Norway.

“The transaction strengthens Magnora’s position as a developer of data center-ready properties and supports collaboration with landowners, partners, and customers. The business provides strong synergies with Magnora’s existing portfolio of land assets suited for both green electrification and data center development. Magnora’s expertise in real estate, site development, environmental permitting, grid connection, and project execution will be key to advancing its ambitions in this sector. Storespeed represents a strategic step in Magnora’s evolution as a data center developer,” said Magnora CEO Erik Sneve.