CBRE has entered into a definitive agreement to acquire data center infrastructure services company Onnec for £46,000,000 in cash. The transaction is expected to close by year-end, with an earn-out of up to £300 million if Onnec achieves its growth targets.
CBRE Group announced that it has entered into a definitive agreement to acquire UK-based Onnec Group Limited. The acquisition price is £46,000,000 in cash, and the target is Onnec, which provides data center infrastructure services in Europe and the Asia-Pacific region. The transaction is expected to close by year-end, and an earn-out of up to £300 million is scheduled to be paid over multiple years if Onnec achieves specified growth targets.
Based in London, Onnec designs, installs and maintains networks, fiber-optic systems and data center infrastructure. CBRE plans to integrate Onnec into its Critical Infrastructure Services business and pursue its long-term growth strategy.
CBRE COO Vikram Kohli said that Onnec fits its strategy of expanding global infrastructure services and that he expects opportunities to strengthen its customer base and achieve long-term growth. Onnec Chairman Barry Horgan commented that the company could use CBRE’s organizational capabilities to expand its business platform and delivery of customer value.
CBRE’s financial adviser is J.P. Morgan Securities and its legal adviser is Simpson Thacher & Bartlett. Onnec’s financial adviser is Goldman Sachs International and its legal adviser is Freshfields. Onnec is expected to generate revenue of approximately £37 million and core EBITDA of approximately £50 million in 2027.