CBRE Group has agreed to acquire London-headquartered data centre infrastructure services provider Onnec Group for an initial purchase price of £460m (around $610m).
The agreement includes an additional earnout structure worth up to £300m (around $400m) over multiple years, contingent on Onnec achieving specified growth targets.
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The transaction will integrate Onnec into the Critical Infrastructure Services division of CBRE, significantly widening the commercial real estate firm’s data centre operations across Europe and the Asia-Pacific region.
Established in 1986, Onnec employs around 800 people who design, install, and support network, cabling, and data centre infrastructure for hyperscale operators across the UK, Asia Pacific, and Continental Europe.
The company is forecast to produce around £370m ($498m) in turnover and upwards of £50m ($67m) in core EBITDA in 2027.
CBRE indicated that the takeover will immediately enhance its core earnings per share. Driven by Onnec’s integration, CBRE projects its Critical Infrastructure Services branch to record approximately $4.5bn in revenue during 2027.
Combined with an anticipated $2.5bn from its Project Management and Advisory Services units, CBRE forecasts total infrastructure services revenue of around $7bn in 2027, excluding periodic land transactions from its development arm.
CBRE chief operating officer Vikram Kohli said: “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.
“The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”
Onnec chairman Barry Horgan said: “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.”
The takeover remains subject to standard regulatory consents and is scheduled to close towards the end of the year.
J.P. Morgan Securities and Simpson, Thacher & Bartlett are acting as financial and legal advisers, respectively, to CBRE, while Goldman Sachs International and Freshfields advised Onnec.
