CBRE has agreed to acquire UK-based data center services provider Onnec Group Limited. The NYSE-listed company announced a definitive agreement to acquire the firm, which provides data center infrastructure services to technology companies across Europe and Asia Pacific. Founded in 1986 and headquartered i
n London, Onnec specializes in designing, deploying, and maintaining network, fiber, and data center infrastructure.
The deal includes an initial cash payment of £460 million (around $610m), with completion expected by year-end. An additional earnout of up to £300m ($400m) is tied to Onnec meeting growth targets. CBRE expects Onnec to generate around £370m ($498m) in revenue and more than £50m ($67m) in core EBITDA in 2027. Following completion, Onnec will join CBRE’s Critical Infrastructure Services business.
“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,” said Vikram Kohli, CBRE’s COO. “The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”
Barry Horgan, chairman of Onnec, added: “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.”