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CBRE Pays $610 Million for Data Center Outfit Onnec, With Up to $400 Million More on the Table

Business · By: AIReport Admin · 1 hour ago · 👁 9
CBRE Pays $610 Million for Data Center Outfit Onnec, With Up to $400 Million More on the Table

CBRE agreed to acquire Onnec Group, a London-based data center infrastructure services provider with about 800 employees serving hyperscalers, for $610 million in cash plus an earnout of up to $400 million. Onnec is expected to generate about $498 million of revenue and more than $67 million of core EBITDA in 2027.

CBRE Group, the worlds largest commercial real estate services firm, has agreed to acquire Onnec Group Limited, a London-based provider of data center infrastructure services, for an initial price of 460 million pounds, about $610 million, in cash. The deal also includes a multi-year earnout of up to 300 million pounds, roughly $400 million, tied to growth targets, taking the potential total to around $1 billion.

Founded in 1986, Onnec specializes in the design, deployment and maintenance of network, fiber and data center infrastructure. Its roughly 800 employees install and maintain cabling and equipment racks inside data centers for some of the largest technology companies across the United Kingdom, Continental Europe and Asia Pacific. The company will fold into CBREs Critical Infrastructure Services line of business once the transaction closes, which is expected around the end of the year subject to regulatory approvals.

CBRE expects Onnec to generate approximately 370 million pounds, about $498 million, in revenue and more than 50 million pounds, over $67 million, of core EBITDA in 2027, and to be immediately accretive to core earnings per share. The buyer projects its Critical Infrastructure Services line to reach nearly $4.5 billion of total 2027 revenue including Onnec, with the rest of its services businesses adding almost $2.5 billion of infrastructure services revenue for a combined total near $7.0 billion - excluding periodic data center land sales.

Chief Operating Officer Vikram Kohli said CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement its real estate services business, calling Onnec an excellent fit that benefits from secular tailwinds. Onnec chairman Barry Horgan said joining CBRE gives the company a platform to broaden its capabilities while keeping its customer-focused approach. J.P. Morgan and Simpson Thacher advised CBRE; Goldman Sachs International and Freshfields advised Onnec.

Per the Wall Street Journal, which first reported the deal, this is only CBREs second acquisition of a company that operates inside data centers rather than around them. The first was US-based Direct Line Global in June 2024, whose technical infrastructure clients include AWS, Microsoft and Meta. CBRE reported more than $700 million of data center services revenue in the second quarter of 2026.

The logic is straightforward: the AI buildout has turned the unglamorous work of cabling, racking and maintaining hyperscale halls into a services market growing fast enough for a Fortune 500 real estate firm to pay up for. Every gigawatt of new AI capacity needs the fiber pathways, racks and power distribution that Onnec installs, and the hyperscalers buying that capacity are the same tenants driving CBREs data center leasing business. Real estate, increasingly, is a bet on AI infrastructure.

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