CBRE agrees to buy Onnec for initial $610 million
Key Facts
CBRE Group announced a definitive agreement to acquire data center infrastructure specialist Onnec for an initial cash payment of about $610 million. The group said in its deal statement that the agreement also includes up to about $400 million in additional payments over several years, contingent on the target meeting certain growth thresholds. The agreement is part of the group's push to build a global infrastructure services business that complements its real estate services operations. The planned expansion links Onnec's presence in Europe and Asia with the group's existing capabilities in the United States. Completion of the acquisition remains subject to customary regulatory approvals, according to the statement.
Onnec is based in London and was founded in 1986, according to Investing, which reported details of the company's operations. It specializes in designing, installing and maintaining network, fiber-optic and data center infrastructure, covering the construction, operation and maintenance of these facilities. CBRE said the company has about 800 employees serving hyperscale data center operators. Its client base spans the United Kingdom, continental Europe and Asia-Pacific, the geographic footprint the group aims to add to its services. Onnec is set to join the group's Critical Infrastructure Services business upon completion of the deal.
On the target company's expected performance, CBRE estimates Onnec will generate revenue of nearly $498 million in 2027. It also expects underlying earnings before interest, taxes, depreciation and amortization to exceed $67 million that year. The group described the acquisition as "immediately accretive," referring to its expected impact on underlying earnings per share. Including Onnec's contribution, the group expects Critical Infrastructure Services revenue to approach $4.5 billion in 2027. It estimates total infrastructure services revenue across the group's businesses at about $7.0 billion that year, excluding cyclical revenue from data center land sales within its development business.
The agreement follows the group's expansion through other acquisitions in technical services and digital infrastructure, including the purchase of Direct Line Global in June 2024. That company specializes in data center technology infrastructure, according to CBRE. The group then acquired full ownership of Pearce Services, a 100% stake, on November 4, 2025, according to its annual report. Pearce provides technical services for digital and energy infrastructure, adding another operation to the group's businesses in this field. In its latest reported second-quarter results, CBRE posted revenue of $11.2 billion, up 16% year on year.
The deal comes amid rising data center occupancy in major North American markets, according to CBRE's report for the first half of 2026. The vacancy rate fell to a record low of 1.4%, compared with 1.6% in the first half of 2025, despite an increase in supply. In Europe, the group's global report showed net absorption of data center capacity in major markets rose 90% year on year in the first quarter of 2026. Net absorption reached 572.1 megawatts, with the increase concentrated particularly in Frankfurt and London. The North America report identified power availability and infrastructure delivery timelines among the most decisive factors in site selection, leasing and pricing.
CBRE raised its 2026 underlying earnings per share forecast to a range of $7.80 to $7.90 when it reported second-quarter results. That estimate replaced its previous range of $7.60 to $7.80 per share. The group will report third-quarter results on October 22, 2026, according to a separate statement on its next financial reporting date. It will hold a call to discuss the results the same day at 8:30 a.m. U.S. Eastern Time. For the Onnec agreement, the group expects to complete the acquisition near the end of the year.