CBRE acquires Onnec Group for $613 million to expand data center services

CBRE Group has entered into a definitive agreement to acquire Onnec Group, a London-based provider of data center infrastructure services, for an initial cash payment of 460 million British pounds (approximately $613 million). The deal includes potential multi-year earnout payments of up to 300 million pounds ($400 million) if Onnec achieves specific growth milestones.

Onnec, which employs approximately 800 people, provides equipment installation and connectivity solutions for hyperscale data centers across the United Kingdom, Europe, and the Asia-Pacific region. The acquisition is intended to bolster CBRE’s Critical Infrastructure Services business line, which the company expects will generate nearly $4.5 billion in total revenue by 2027.

CBRE Chief Operating Officer Vikram Kohli stated that the move is part of an explicit strategy to build a global infrastructure services business to complement the firm’s existing real estate services. The transaction, which saw J.P. Morgan Securities arranging financing for CBRE and Goldman Sachs International representing Onnec, is expected to close by the end of the year.