CBRE Group, Inc. (NYSE: CBRE) has signed a definitive agreement to acquire Onnec Group Limited, a London-based data center infrastructure services company, for an initial cash payment of £460 million (approximately $610 million).

The deal includes a multi-year earnout of up to £300 million (approximately $400 million), contingent on Onnec meeting certain growth targets, bringing the total potential consideration to approximately £760 million.

Founded in 1986, Onnec specializes in the design, deployment, and maintenance of network, fiber, and data center infrastructure. The company employs approximately 800 people and serves clients across the United Kingdom, Continental Europe, and Asia Pacific.

Onnec is projected to generate approximately £370 million ($498 million) in revenue and more than £50 million ($67 million) in core EBITDA in 2027. CBRE said the acquisition is expected to be immediately accretive to its core earnings per share.

Onnec will operate within CBRE's Critical Infrastructure Services business line, which CBRE projects will generate nearly $4.5 billion in total revenue in 2027, including Onnec's contribution. Combined with other infrastructure-related services, CBRE estimates total infrastructure services revenue of nearly $7.0 billion in 2027.

Vikram Kohli, CBRE's Chief Operating Officer, said the acquisition is part of an "explicit strategy to build a global infrastructure services business to complement our real estate services business."

The transaction is subject to customary regulatory approvals and is expected to close around the end of the year. J.P. Morgan Securities is acting as financial advisor to CBRE, with Simpson, Thacher & Bartlett as legal counsel. Goldman Sachs International is advising Onnec, with Freshfields as its legal counsel.