CBRE said it will buy Onnec Group Limited for an initial £460 million, or about $610 million, in cash, with an additional earnout of up to £300 million, or about $400 million, tied to growth targets.
Onnec is expected to produce about £370 million, or $498 million, in revenue in 2027 and more than £50 million, or $67 million, in core EBITDA. CBRE said the deal will be immediately accretive to core earnings per share.
The acquisition would expand CBRE’s critical infrastructure services business across Europe and Asia Pacific. CBRE said that line of business is expected to generate nearly $4.5 billion of total revenue in 2027, including Onnec. It added that its project management and advisory businesses are expected to contribute almost $2.5 billion of infrastructure services revenue in 2027, bringing total estimated infrastructure services revenue to nearly $7.0 billion.
Onnec, founded in 1986 and based in London, has about 800 employees serving hyperscalers in the U.K., continental Europe and Asia Pacific. CBRE said the transaction should close around the end of the year, pending regulatory approvals. The market has reacted to these announcements by moving the company's shares 2.65% to a price of $134.23. If you want to know more, read the company's complete 8-K report here.
