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CBRE to acquire Onnec in $1 billion data center infrastructure deal

CBRE will acquire Onnec for up to $1 billion, expanding its global data center infrastructure services as hyperscalers demand more fiber, networking and deployment expertise.

Shane Snider
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Published: 21 Oct 2026

CBRE Group plans to acquire London-based data center infrastructure specialist Onnec in a deal valued at up to $1 billion, expanding its reach across Europe and Asia Pacific.

CBRE will pay an initial £460 million ($610 million) in cash for Onnec Group Limited, with an additional multi-year earnout of up to £300 million ($400 million) tied to growth thresholds. The companies unveiled the definitive agreement on October 20.

The deal adds network, fiber and data center infrastructure deployment capabilities to CBRE's existing critical infrastructure services business in the U.S. Onnec serves hyperscalers across the United Kingdom, continental Europe and Asia Pacific.

For data center operators and IT infrastructure buyers, the acquisition could expand access to specialized fiber, networking and deployment services as AI clusters increase infrastructure complexity. A provider with a global footprint could help hyperscalers standardize deployments across regions and reduce handoff problems between construction, network installation and ongoing operations.

"Hyperscaler buildouts now run across many regions at once, and the bottleneck has moved from capital to execution: getting capacity designed, deployed and handed over on time, the same way in every market," said Alex Cordovil, research director at Dell'Oro Group.

Founded in 1986, Onnec specializes in designing, deploying and maintaining network, fiber and data center infrastructure. It employs approximately 800 people.

Fiber becomes a critical path to capacity

AI clusters require dense networks connecting accelerators, increasing the amount of fiber infrastructure needed within data center halls.

"AI clusters multiply fiber counts per rack and per hall, because GPU back-end networks are far more connectivity-dense than traditional compute," Cordovil said.

Cabling and fiber deployment now sit on the critical path to energizing and handing over capacity, he said. Installation mistakes can be expensive to correct after deployment.

Onnec gives CBRE a specialized technical capability that Cordovil said would be difficult to build quickly in-house, while allowing the company to become involved earlier in data center projects.

The acquisition also extends CBRE's effort to connect infrastructure deployment with ongoing operations. Liquid cooling, higher rack densities and dense fiber networks mean design decisions directly affect how facilities must be maintained, Cordovil said.

CBRE has been expanding its infrastructure services business through acquisitions, including the 2025 acquisition of Pearce Services.

CBRE targets $7 billion in infrastructure services revenue

CBRE expects its Critical Infrastructure Services business, including Onnec, to generate nearly $4.5 billion in revenue in 2027. Its other services businesses, including Project Management and Advisory Services, are expected to contribute almost $2.5 billion in infrastructure services revenue, bringing the projected total to nearly $7 billion.

The forecast excludes periodic data center land sales from CBRE's development business.

"CBRE is pursuing an explicit strategy to build a global infrastructure services business to complement our real estate services business," said Vikram Kohli, CBRE's chief operating officer.

Onnec Chairman Barry Horgan said joining CBRE would give the company a broader platform to expand its capabilities while maintaining its customer-focused approach.

Acquisition valuation hinges on growth

Cordovil expects further consolidation as infrastructure services companies acquire specialized capabilities and smaller providers seek the resources of larger platforms. Data center operators, he said, should also watch for supplier concentration and how integrated providers price and staff their services.

Onnec is expected to generate approximately £370 million ($498 million) in revenue and more than £50 million ($67 million) in core earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2027, according to CBRE. The company expects the acquisition to immediately increase core earnings per share.

The initial £460 million purchase price equates to roughly nine times Onnec's projected 2027 core EBITDA of approximately $67 million. If CBRE pays the full earnout, total consideration would represent about 15 times that forecast EBITDA. These calculations are based on CBRE's projections, not on multiples disclosed by the company.

The projected revenue of £370 million and core EBITDA of more than £50 million imply an EBITDA margin of at least approximately 13.5%, using the rounded figures in the announcement. Cordovil estimated margins of 13% to 14% and said the upfront valuation looked disciplined for a services business.

Recent transactions offer context but are not direct comparisons. SLB valued its acquisition of thermal-management equipment maker Kelvion at 11 times estimated 2026 EBITDA before synergies, or 8.5 times including expected run-rate synergies. Vertiv valued its acquisition of data center rack and cabinet maker Great Lakes at 11.5 times expected 2026 EBITDA, including synergies and cross-selling opportunities.

Both deals involved equipment manufacturers rather than services providers, limiting their value as direct benchmarks. CBRE has not disclosed the specific performance metrics or payout formula for Onnec's earnout.

The transaction remains subject to customary regulatory approvals. CBRE expects to complete the acquisition around the end of 2026.

Shane Snider is a senior news writer at TechTarget, covering AI infrastructure, hyperscale data centers, cloud platforms, and the power and energy systems driving modern compute expansion. You can reach Shane at [email protected] or on LinkedIn.

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