This paper contributes to the theoretical debate over a global upsurge in higher education (HE) regionalisms which pursue different region-building processes and create policy spaces beyond national boundaries. Focusing on the Nordic countries, the paper studies parallel processes of intra-Nordic and European HE and research cooperation. Although individual Nordic countries opt for different kinds of relationships with the European Union (EU), they have participated in the Europeanisation process of HE and research while intensifying their Nordic regional identity. Drawing on spatial logics in European integration and HE regionalism theories, the concept of 'Nordic added value' (NAV) and three Nordic flagship programmes, this paper addresses two questions: What are the links and outcomes of parallel regionalising processes of the EU-Nordic and intra-Nordic cooperation in HE and research? How has 'Nordic added value' been utilised to strengthen Nordic HE regionalism? The paper argues that spatial logics provide new and holistic understandings of rationales for region-building processes, whereas NAV, being a floating signifier, generates regionalising ideas and functions as a distinctive mechanism of Nordic HE regionalism. Both spatial logics and NAV render opportunities for Nordic regional imaginaries, identity-building and Nordic-EU mutual policy learning.