CBRE Agrees to Buy Onnec Group for $610 Million in Cash Plus Earnout

CBRE announced an agreement to purchase London-based Onnec Group for $610 million in cash.¹ Under the terms established by the parties, CBRE agreed to an additional potential payout of up to $400 million tied to Onnec's future growth targets.¹ This structured earnout mechanism creates a total possible outlay that substantially exceeds the initial base cash consideration.¹ The transaction is scheduled to close before the end of 2026.¹ Completing the purchase before the end of 2026 allows the buyer to finalize the upfront cash payment while setting performance benchmarks for the additional incentive payout.¹

Following the completion of the buyout, Onnec will be integrated into CBRE's Critical Infrastructure Services unit.¹ CBRE projects its Critical Infrastructure Services business line will produce nearly $4.5 billion in total revenue in 2027.¹ Reports support expectations that Onnec is expected to account for more than 10% of the projected 2027 revenue of CBRE's Critical Infrastructure Services unit.¹ Absorbing the new business supports the firm's plans to direct resources toward mission-critical technical assets.¹ Achieving more than 10% of the nearly $4.5 billion in total revenue projected for 2027 demonstrates the substantial financial role Onnec will play within the Critical Infrastructure Services unit.¹

Established in 1986, Onnec employs roughly 800 workers who install equipment for hyperscalers in the UK, Europe, and Asia Pacific.¹ The international presence of these roughly 800 workers grants CBRE established field capabilities across the UK, Europe, and Asia Pacific.¹ Next year, Onnec is projected to bring in nearly $500 million in revenue and over $67 million in core EBITDA.² Those projected forward figures of nearly $500 million in revenue and over $67 million in core EBITDA illustrate the baseline operational earnings Onnec generates from hyperscalers.¹² With roughly 800 workers executing installations, the projected core EBITDA of over $67 million highlights the profitability of serving hyperscalers across the UK, Europe, and Asia Pacific.¹²

This transaction follows an earlier purchase in June 2024, when CBRE purchased US-based Direct Line Global, which services clients such as AWS, Microsoft, and Meta.¹ Bob Sulentic noted that the combined Onnec and Direct Line Global acquisitions push CBRE directly into locations where computing occurs.² The earlier purchase in June 2024 secured client accounts like AWS, Microsoft, and Meta for Direct Line Global within the United States.¹ Pairing Direct Line Global with the new cross-border business positions the company on premise where cloud and digital compute run.¹² By linking Direct Line Global with Onnec, CBRE strengthens its physical reach for major technology customers like AWS, Microsoft, and Meta right where computing occurs.¹²

Investment banks and advisory firms helped assemble the cross-border deal structure.¹ J.P. Morgan Securities managed the financing arrangements on behalf of CBRE.¹ Goldman Sachs International served as the transaction representative for Onnec.¹ Simpson, Thacher & Bartlett provided legal counsel to CBRE, while Freshfields LLP acted as legal adviser to Onnec.² These advisory roles ensured that both parties received formal financial and legal guidance throughout the transaction process.¹²

Executives from both firms highlighted the operational impact of unifying the businesses.¹ Onnec Chairman Barry Horgan stated that joining CBRE provides the scale and capabilities to create higher value for clients and staff.¹ Vikram Kohli stated that CBRE intends to establish a global infrastructure services arm alongside its real estate services.¹ Bob Sulentic noted that the combined Onnec and Direct Line Global acquisitions push CBRE directly into locations where computing occurs.² Leadership anticipates that building this infrastructure services presence alongside traditional real estate will deliver greater scale and value for clients and staff alike.¹

CBRE has already recorded significant cash intake from data center clients.¹ In the second quarter of 2026, CBRE took in more than $700 million from data center services revenue.¹ Infrastructure projects produced roughly $450 million in earnings for CBRE in 2025, representing 14% of total earnings compared to 3% in 2021.² That jump in earnings share from 3% in 2021 to 14% in 2025 emphasizes the rapid reallocation toward technical facilities.² Generating roughly $450 million in earnings during 2025 and over $700 million in data center services revenue during the second quarter of 2026 reflects the accelerating contribution of critical infrastructure to the overall business.¹²

The commercial expansion is taking place during tight capacity conditions across North American server hubs.² During the first half of 2026, data center supply expanded by nearly 34% year-over-year across the top eight US markets.² Even with that inventory expansion, data center vacancy across primary US markets dropped to a record-low 1.4% in the first half of 2026.² The combination of nearly 34% supply expansion and record-low 1.4% vacancy underscores severe demand pressures among hyperscale operators.² Such an unprecedented drop in vacancy to 1.4% indicates that tenant absorption outpaced the nearly 34% surge in available data center supply across primary US markets during the first half of 2026.²

CBRE intends to establish a global infrastructure services arm alongside its real estate services, according to Vikram Kohli.¹ The company expects this strategic emphasis to lift its Critical Infrastructure Services business line to nearly $4.5 billion in total revenue in 2027.¹ With Onnec expected to account for more than 10% of that projected 2027 revenue, the acquired team will constitute a key pillar of the division.¹ Integrating roughly 800 workers across the UK, Europe, and Asia Pacific complements the earlier purchase of Direct Line Global from June 2024.¹ Expanding across the UK, Europe, and Asia Pacific supports CBRE's broader ambition to operate a comprehensive global infrastructure services arm beside its established real estate offerings.¹