CBRE has announced a definitive agreement to acquire Onnec Group Limited, a leading provider of data centre infrastructure services for the world’s largest technology companies in Europe and Asia Pacific. The acquisition will significantly enhance CBRE’s ability to support its clients’ data centre needs on a global basis.
The initial purchase price is £460 million (approximately US$610 million) in cash. In addition, the parties have agreed to a multi-year earnout of up to £300 million (approximately US$400 million), subject to Onnec meeting certain growth thresholds. Onnec is expected to generate approximately £370 million (US$498 million) in revenue and more than £50 million (US$67 million) of core EBITDA in 2027 and be immediately accretive to CBRE’s core earnings per share.
Onnec will operate as part of CBRE’s Critical Infrastructure Services line of business. CBRE expects this business line to generate nearly US$4.5 billion of total revenue in 2027, including contributions from Onnec. The rest of CBRE’s services businesses, most notably Project Management and Advisory Services, are expected to generate almost US$2.5 billion of infrastructure services revenue in 2027, resulting in total estimated 2027 infrastructure services revenue of nearly US$7.0 billion. This does not include revenue from periodic data centre land sales in the development business.
Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure. The company’s approximately 800 employees serve hyperscalers across key markets in the UK, Continental Europe and Asia Pacific. Onnec’s geographic presence aligns well with the data centre infrastructure services that CBRE delivers in the US.
