CBRE agrees to buy data center services firm Onnec for about $610 million plus an earnout

CBRE Group is buying a data center infrastructure services company in a deal that pushes its fast-growing infrastructure business further into Europe and Asia Pacific.

The commercial real estate services giant said Tuesday it signed a definitive agreement to acquire Onnec Group for an initial purchase price of £460 million, or about $610 million, in cash, according to a press release furnished with an 8-K. The sellers could earn up to another £300 million, or about $400 million, through a multi-year earnout if Onnec meets certain growth thresholds.

What CBRE gets

London-based Onnec, founded in 1986, designs, deploys and maintains network, fiber and data center infrastructure for hyperscalers in the United Kingdom, Continental Europe and Asia Pacific, the release said. It has about 800 employees.

CBRE expects Onnec to generate about £370 million ($498 million) of revenue and more than £50 million ($67 million) of core EBITDA in 2027. The company said the deal will be immediately accretive to its core earnings per share.

Building an infrastructure arm

Onnec will become part of CBRE's Critical Infrastructure Services business line, which CBRE expects to generate nearly $4.5 billion of revenue in 2027 including Onnec. Adding infrastructure services revenue from its other businesses, such as Project Management and Advisory Services, CBRE estimates total 2027 infrastructure services revenue of nearly $7.0 billion, excluding periodic data center land sales.

"CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business," Chief Operating Officer Vikram Kohli said in the release.

The deal is subject to customary regulatory approvals and is expected to close around the end of the year.

By the numbers

• Initial price: £460 million (about $610 million) in cash
• Potential earnout: up to £300 million (about $400 million)
• Onnec 2027 revenue estimate: about £370 million ($498 million)
• Onnec 2027 core EBITDA estimate: more than £50 million ($67 million)
• Onnec employees: about 800
• Expected close: around year-end

Sources

1. CBRE Group, Inc., Form 8-K (Item 7.01) with Exhibit 99.1 press release, filed Oct. 20, 2026, accession 0001193125-26-426827

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