CBRE to acquire Onnec Group for £460 million in cash
The deal carries a further earnout of up to £300 million tied to growth targets, with closing expected around year end.
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CBRE Group has agreed to buy Onnec Group, a provider of data center infrastructure services in Europe and Asia Pacific, for an initial £460 million ($610 million) in cash.
The agreement also includes a multi-year earnout of up to £300 million ($400 million), payable if Onnec hits certain growth thresholds. CBRE expects the deal to close around the end of the year, subject to regulatory approvals.
Onnec is expected to generate around £370 million ($498 million) in revenue and more than £50 million ($67 million) of core EBITDA in 2027. It will become part of CBRE's Critical Infrastructure Services business.
The purchase extends a buildout CBRE has pursued through a string of acquisitions, including Direct Line in 2024 and the roughly $1.2 billion purchase of Pearce Services last November, as the company builds out its position in data center services.
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