CBRE, the world’s largest commercial real estate consultancy, will acquire Onnec, a British company that designs, deploys, and maintains cabling, fiber, and network infrastructure for data centers, for £460 million in cash (about $610 million). The deal, announced on October 20, 2026, also includes an earnout of up to £300 million (about $400 million) over several years if Onnec hits certain growth targets. CBRE expects to close the deal by late 2026, pending customary regulatory approvals.
CBRE’s Onnec acquisition in 30 seconds
- CBRE is paying £460 million in cash, plus up to £300 million tied to Onnec’s growth.
- Onnec, founded in London in 1986, has about 800 employees and works for hyperscalers in the UK, continental Europe, and Asia-Pacific.
- CBRE expects Onnec to generate about £370 million in revenue in 2027, with an adjusted EBITDA of more than £50 million.
- The company will be folded into CBRE’s Critical Infrastructure Services division.
- The deal is expected to close by late 2026.
The deal confirms a shift in CBRE’s profile. Known mainly for commercial real estate brokerage, management, and consulting, the company has spent years building a critical-infrastructure services business, with data centers at its core. Back in June 2024, it acquired U.S.-based Direct Line Global, which specializes in design, installation, and maintenance for data center owners and operators in the United States. Onnec now gives it its own presence in Europe and Asia-Pacific.
What Onnec Does and Who It Works For
Onnec handles the physical side of connectivity: structured cabling, fiber optics, networks, and managed services inside data centers and corporate environments. Its main customers are hyperscalers — the large cloud companies building and expanding facilities at a pace that artificial intelligence (AI) has accelerated. According to CBRE, many of its client relationships go back more than 30 years.
The company has also grown through acquisitions. In June 2026, it announced the purchase of Denmark’s GI Networks, which specializes in data center infrastructure services and data center infrastructure management (DCIM) tools, aiming to strengthen its managed services and its presence in the Nordic countries. CBRE’s statement doesn’t disclose Onnec’s current owner.
The figures given by the buyer are forecasts, not results: CBRE expects Onnec to generate about £370 million ($498 million) in revenue in 2027, with an adjusted EBITDA of more than £50 million ($67 million). On those numbers, the upfront price works out to at most about nine times the projected EBITDA, and about 15 times if the full earnout is paid. CBRE says the deal will be accretive to its adjusted earnings per share from day one.
A $7 Billion Infrastructure Business
Onnec will be folded into Critical Infrastructure Services, CBRE’s business line for critical infrastructure. With the new subsidiary, the company expects that division to generate close to $4.5 billion in revenue in 2027. Adding other infrastructure-related services, mainly project management and consulting, CBRE puts total infrastructure services revenue at close to $7 billion that year, not counting one-off data center land sales from its development business.
Vikram Kohli, CBRE’s Chief Operating Officer, put it this way: “CBRE is pursuing an explicit strategy to build a global infrastructure services business that complements our real estate services business.” Kohli added that the company had long seen Onnec as a fit for that strategy and that the deal reflects an effort to build resilient businesses that benefit from underlying trends. CBRE had already flagged that momentum when it forecast a record year for the U.S. data center market, and in Europe the pace of announcements has also surged, with more than 3.2 GW announced in a single month.
Barry Horgan, Onnec’s President, says that from day one the company’s focus has been on “delivering exceptional connectivity solutions” to its clients, and that as part of CBRE it will gain “the platform and expertise” to expand its capabilities and open new opportunities for its workforce. In the deal, CBRE was advised by J.P. Morgan Securities and Simpson Thacher & Bartlett, while Onnec was advised by Goldman Sachs International and Freshfields.
Frequently Asked Questions
How much is CBRE paying for Onnec?
£460 million in cash, about $610 million, plus an earnout of up to £300 million over several years if Onnec hits growth targets.
What is Onnec?
It’s a London-based company, founded in 1986, that designs, deploys, and maintains network, fiber, and data center infrastructure. It has about 800 employees and works mainly for hyperscalers.
When will the acquisition close?
CBRE expects to close it by late 2026, once it obtains the customary regulatory approvals.
What revenue will Onnec bring to CBRE?
CBRE expects Onnec to generate about £370 million in revenue in 2027, with an adjusted EBITDA of more than £50 million.
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