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CBRE Buys UK Data Firm for $613M
21 Oct
Summary
- CBRE acquired London-based Onnec Group for $613 million.
- The deal expands CBRE's infrastructure services into data centers.
- Onnec is expected to generate $493 million in revenue next year.
CBRE Group has announced a new acquisition, agreeing to purchase the London-based Onnec Group for 460 million British pounds (approximately $613 million USD). This all-cash deal is set to enhance CBRE's strategic push into global infrastructure services, specifically targeting the burgeoning data center market.
Onnec Group specializes in providing data center infrastructure services to major technology companies across Europe and the Asia-Pacific region. CBRE anticipates that Onnec will be immediately accretive to its earnings per share. For the upcoming year, Onnec is projected to achieve 370 million pounds ($493 million USD) in revenue and post over 50 million pounds ($67 million USD) in core EBITDA.
This acquisition aligns with CBRE's explicit strategy to build a global infrastructure services business that complements its established real estate services. The company believes Onnec is an excellent fit for this expansion, particularly given the increasing demand for AI compute infrastructure. Following the announcement, CBRE's stock saw a nearly 3% increase.
