CBRE Group announced an agreement on October 20, 2026, to acquire Onnec Group for £460 million, approximately $610 million, in initial cash consideration. The CBRE Onnec acquisition would expand its data center infrastructure services across Europe and Asia Pacific, with completion expected around the end of 2026, subject to customary regulatory approvals.
Key Takeaways
- A multi-year earnout could add up to £300 million if Onnec meets growth thresholds.
- Onnec’s network and fiber infrastructure services complement CBRE’s existing U.S. capabilities.
- CBRE expects Onnec to contribute immediately to core earnings per share after completion.
Table of Contents
- CBRE Onnec acquisition includes growth-linked payments
- Onnec extends CBRE’s infrastructure services reach
- 2027 forecasts outline the planned business scale
- Conclusion
CBRE Onnec acquisition includes growth-linked payments
CBRE’s acquisition announcement sets out a multi-year earnout of up to £300 million, approximately $400 million, in addition to the initial cash payment. That additional consideration depends on Onnec meeting specified growth thresholds; it is not an unconditional payment due at closing.
The agreement therefore separates the upfront purchase price from compensation tied to future performance. CBRE has announced a definitive agreement, but the transaction has not yet been completed.
| Item | Details |
|---|---|
| Onnec 2027 revenue forecast | Approximately £370 million ($498 million). |
| Onnec 2027 core EBITDA forecast | More than £50 million ($67 million). |
| Critical Infrastructure Services 2027 revenue forecast | Nearly $4.5 billion, including Onnec. |
| Other services businesses’ 2027 infrastructure revenue forecast | Almost $2.5 billion. |
| Total 2027 infrastructure services revenue forecast | Nearly $7.0 billion. |
Onnec extends CBRE’s infrastructure services reach
Founded in 1986 and based in London, Onnec designs, deploys and maintains network, fiber and data center infrastructure. Its approximately 800 employees serve major technology customers, including hyperscalers, across the United Kingdom, Continental Europe and Asia Pacific.
CBRE said that geographic presence complements the data center infrastructure services it already delivers in the United States. Onnec will operate within CBRE’s Critical Infrastructure Services business line.
Chief Operating Officer Vikram Kohli described the transaction as part of an explicit strategy to build a global infrastructure services business alongside CBRE’s real estate services operations. The expansion is in technical services supporting data centers, rather than simply the purchase of data center properties.
2027 forecasts outline the planned business scale
CBRE expects Onnec to be immediately accretive to core earnings per share. Its financial projections for Onnec and the broader infrastructure services operations are management expectations for 2027, not reported results.
The company’s infrastructure revenue outlook includes contributions from Critical Infrastructure Services and other service businesses, notably Project Management and Advisory Services. It excludes revenue from periodic data center land sales in the development business.
Onnec’s projected core EBITDA is a non-GAAP measure. CBRE did not provide a reconciliation to the most comparable GAAP measure, saying certain required items could not be reasonably predicted without unreasonable effort.
Conclusion
The next milestone is completion of the acquisition, expected around year-end 2026 after customary regulatory approvals. The announced 2027 financial contributions remain forecasts rather than achieved results.
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