CBRE Group has entered into a definitive agreement to acquire Onnec Group Limited, a provider of data center infrastructure services across Europe and Asia Pacific, for an initial purchase price of £460 million, or approximately $610 million, in cash.
The agreement also includes a multi-year earnout of up to £300 million, or approximately $400 million, subject to Onnec meeting specified growth thresholds. Including the potential earnout, the transaction could be worth approximately $1.01 billion.
Founded in 1986 and headquartered in London, Onnec specializes in the design, deployment, and maintenance of network, fiber, and data center infrastructure. The company has approximately 800 employees and serves hyperscale technology companies across the United Kingdom, Continental Europe, and Asia Pacific.
CBRE said the acquisition will strengthen its ability to provide data center infrastructure services globally by adding Onnec’s European and Asia Pacific capabilities to its existing U.S. operations.
Onnec is expected to generate approximately £370 million, or $498 million, in revenue and more than £50 million, or $67 million, of core EBITDA in 2027. CBRE expects the acquisition to be immediately accretive to its core earnings per share.
Following completion, Onnec will operate within CBRE’s Critical Infrastructure Services business. CBRE expects that business line to generate nearly $4.5 billion in total revenue during 2027, including contributions from Onnec.
CBRE’s other services businesses, particularly Project Management and Advisory Services, are expected to contribute almost $2.5 billion of infrastructure-related services revenue in 2027. Combined, CBRE expects its infrastructure services businesses to generate nearly $7 billion in revenue next year, excluding periodic data center land sales from its development business.
The transaction is part of CBRE’s broader strategy to build a global infrastructure services platform alongside its commercial real estate services operations. The company is targeting areas supported by long-term demand growth, including data centers and other critical infrastructure.
The acquisition remains subject to customary regulatory approvals and is expected to close around the end of 2026.
J.P. Morgan Securities is serving as financial advisor to CBRE, while Simpson Thacher & Bartlett is providing legal counsel. Goldman Sachs International is advising Onnec financially, with Freshfields serving as legal advisor.
KEY QUOTES:
“CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business. We’ve long believed Onnec is an excellent fit in this strategy. The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”
Vikram Kohli, Chief Operating Officer Of CBRE
“From day one, our focus has been on delivering exceptional connectivity solutions for our customers. As part of CBRE, we gain the platform and expertise to broaden our capabilities, creating even greater value for our clients, and provide new opportunities for our employees, while staying true to the customer-focused approach that has driven our success.”
Barry Horgan, Chairman Of Onnec
