CBRE’s Onnec Deal Could Reach $1 Billion as Data Center Push Expands

CBRE’s planned purchase of London-based Onnec for up to about $1 billion would extend its data center infrastructure business in Europe and Asia Pacific; CBRE projects nearly $7 billion in related 2027 revenue.

The definitive agreement, announced Tuesday, Oct. 20, calls for $610 million in cash upfront. A multiyear earnout could add as much as $400 million if Onnec meets growth targets, bringing the maximum transaction value to about $1 billion. The earnout is performance-based, so the full amount is not due at closing. The growth thresholds were not disclosed.

Founded in 1986, Onnec has about 800 employees and is based in London. It designs, deploys and maintains network, fiber and data center infrastructure for hyperscalers across the United Kingdom, Continental Europe and Asia Pacific. Onnec will join CBRE’s Critical Infrastructure Services business. CBRE already provides data center infrastructure services in the United States, and the acquisition would extend that business into Onnec’s markets.

CBRE projects Onnec will generate about $498 million in revenue and more than $67 million in core EBITDA in 2027. The company also expects the acquisition to increase core earnings per share immediately. The earnings-per-share effect is expected immediately, while the revenue and EBITDA figures are full-year 2027 projections.

With Onnec included, CBRE forecasts nearly $4.5 billion in 2027 revenue for Critical Infrastructure Services. Its other services businesses are projected to contribute almost $2.5 billion in infrastructure-services revenue, bringing the combined total to nearly $7 billion. The estimate excludes periodic data center land sales.

“We’ve long believed Onnec is an excellent fit in this strategy,” CBRE Chief Operating Officer Vikram Kohli said. The transaction remains subject to customary regulatory approvals and is expected to close near the end of 2026.