Global commercial real estate firm CBRE Group, Inc. has reached a definitive agreement to acquire Onnec Group Limited. The initial purchase price stands at £460 million (approximately $610 million) in cash, alongside a multi-year earnout of up to £300 million (approximately $400 million) tied to growth targets.

Headquartered in London and founded in 1986, Onnec specialises in designing, deploying and maintaining data centre, fibre and network infrastructure. Its workforce of roughly 800 employees caters to hyperscalers throughout the UK, Continental Europe and Asia Pacific.

Onnec will join CBRE’s Critical Infrastructure Services division. In 2027, Onnec is projected to generate around £370 million (498million) in revenue and over £50 million (67 million) in core EBITDA. CBRE expects its Critical Infrastructure Services business line to record nearly $4.5 billion in total revenue in 2027 with Onnec included. Combined with Project Management and Advisory Services, CBRE projects overall 2027 infrastructure services revenue to reach nearly $7.0 billion, excluding periodic data centre land sales.

Vikram Kohli, CBRE’s Chief Operating Officer, said: “CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business. We’ve long believed Onnec is an excellent fit in this strategy. The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”

Barry Horgan, Chairman of Onnec, said: “From day one, our focus has been on delivering exceptional connectivity solutions for our customers. As part of CBRE, we gain the platform and expertise to broaden our capabilities, creating even greater value for our clients, and provide new opportunities for our employees, while staying true to the customer-focused approach that has driven our success.”

The deal is expected to be immediately accretive to CBRE’s core earnings per share and is scheduled to close around the end of the year, subject to customary regulatory approvals.

J.P. Morgan Securities, LLC and Simpson, Thacher & Bartlett LLP advised CBRE, while Goldman Sachs International and Freshfields LLP acted for Onnec.