CBRE Agrees to Acquire Onnec for £460 Million Plus Earnout

CBRE Group, Inc. said in an October 20, 2026 announcement that it has entered a definitive agreement to acquire Onnec Group Limited, a London-based provider of data center infrastructure services, for an initial cash purchase price of £460 million (approximately $610 million).

The parties also agreed to a multi-year earnout of up to £300 million (approximately $400 million), subject to Onnec meeting certain growth thresholds. The transaction is subject to customary regulatory approvals, and CBRE said it is expected to be completed around the end of 2026.

CBRE described Onnec as a leading provider of data center infrastructure services for the world’s largest technology companies in Europe and Asia Pacific, and said the acquisition will significantly enhance its ability to support clients’ data center needs on a global basis.

“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 chief operating officer. “The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”

2027 Financial Expectations

CBRE expects Onnec to generate approximately £370 million ($498 million) in revenue in 2027 and more than £50 million ($67 million) of core EBITDA for the year, and it expects the acquisition to be immediately accretive to its core earnings per share. Core EBITDA is a non-GAAP measure that CBRE defines as earnings before the portion attributable to non-controlling interests, net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, and asset impairments. CBRE said it did not provide reconciliations of the forward-looking core EBITDA figures to the most comparable GAAP financial measures because certain items required for such reconciliations are outside of its control or cannot be reasonably predicted. The company also cautioned that the measure should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP, and that other companies may calculate core EBITDA differently.

Onnec will operate as part of CBRE’s Critical Infrastructure Services line of business, one of the services businesses whose 2027 revenue expectations CBRE detailed in the announcement. CBRE expects the Critical Infrastructure Services line to generate nearly $4.5 billion of total revenue in 2027, including contributions from Onnec. The company’s other services businesses, most notably Project Management and Advisory Services, are expected to generate almost $2.5 billion of infrastructure services revenue in 2027, resulting in total estimated 2027 infrastructure services revenue of nearly $7.0 billion. That total does not include revenue from periodic data center land sales in CBRE’s development business.

Onnec’s Operations and Advisors

Founded in 1986 and based in London, Onnec specializes in the design, deployment and maintenance of network, fiber and data center infrastructure. The company’s approximately 800 employees serve hyperscalers across key markets in the United Kingdom, Continental Europe and Asia Pacific. CBRE said Onnec’s geographic presence aligns well with the data center infrastructure services that CBRE delivers in the United States.

“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,” said Barry Horgan, Onnec’s chairman.

J.P. Morgan Securities, LLC is acting as financial advisor and Simpson, Thacher & Bartlett LLP as legal advisor to CBRE on the transaction. Goldman Sachs (GS ) International is acting as financial advisor and Freshfields LLP as legal advisor to Onnec. CBRE released the announcement from Dallas at 7:00 a.m. Eastern time on October 20, 2026.