Commercial real estate services and investment group CBRE has agreed to acquire London-based data centre infrastructure services firm Onnec Group in a deal valued at up to £760m (€905m).
CBRE is paying an initial £460m in cash, alongside a multi-year performance-related earnout of up to £300m.
Founded in 1986, Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure for hyperscalers across the UK, continental Europe and Asia-Pacific.
Following completion, Onnec will operate within CBRE’s critical infrastructure services division, complementing its existing US data centre capabilities.
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.”
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