CBRE Announces Acquisition of Onnec Group, Boosting Stock Price
On Tuesday, CBRE Group's stock rose nearly 3% after the company announced its acquisition of London-based data center services provider Onnec Group. The deal is valued at £460 million ($613 million) in cash and includes a potential multi-year earnout worth up to an additional £300 million if certain growth milestones are met. CBRE stated that the acquisition will be immediately accretive to its non-GAAP earnings per share. Onnec is projected to generate over £493 million ($657 million) in revenue and more than £50 million ($67 million) in core EBITDA next year, aligning with CBRE's strategy of expanding into the infrastructure services sector. The move reflects a strategic shift toward data center investments amid growing demand from tech firms for AI-related compute infrastructure. Investors appear to be responding positively to this expansion and its long-term growth potential.
Tickers: $CBRE
Topics: acquisition data centers infrastructure services real estate