CBRE to acquire Onnec Group in €550m deal

CBRE Group has agreed to acquire Onnec Group Limited, a leading provider of data centre infrastructure services across Europe and Asia Pacific, in a deal that will significantly expand CBRE’s global critical infrastructure capabilities. 

Vikram Kohli, CBRE

The initial purchase price is £460 million (€550mln) in cash, with a further earnout of up to £300 million (€358mln) contingent on Onnec meeting multi‑year growth thresholds.

Founded in 1986 and headquartered in London, Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure. Its 800 employees support hyperscale clients across the UK, Continental Europe and Asia Pacific — a footprint that aligns closely with CBRE’s existing US data centre infrastructure operations. Onnec is expected to generate approximately £370 million (€442mln) in revenue and more than £50 million (€60mln) of core EBITDA in 2027, and be immediately accretive to CBRE’s core earnings per share.

Onnec will become part of CBRE’s Critical Infrastructure Services business line, which CBRE expects to generate nearly $4.5 billion (€5.37bn) of revenue in 2027, including contributions from Onnec. Combined with project management and advisory services, CBRE anticipates total infrastructure services revenue of almost $7.0 billion (€8.4bn) in 2027, excluding periodic data centre land sales.

“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.”

Barry Horgan, Chairman of Onnec, 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, create even greater value for clients, and provide new opportunities for our employees, while staying true to the customer‑focused approach that has driven our success.”

The transaction is subject to customary regulatory approvals and is expected to complete around the end of the year.