CBRE has acquired UK data center services firm Onnec.

NYSE-listed CBRE Group announced this week a definitive agreement to acquire Onnec Group Limited, a provider of data center infrastructure services for technology companies across Europe and Asia Pacific.

Founded in 1986 and based in London, Onnec specializes in the design, deployment, and maintenance of network, fiber, and data center infrastructure.

The initial purchase price is £460 million (approximately $610m) in cash and is expected to close by the end of the year. The pair have agreed to a multi-year earnout of up to £300m (approximately $400m), subject to Onnec meeting certain growth targets.

CBRE said Onnec is expected to generate approximately £370m ($498m) in revenue and more than £50m ($67m) of core EBITDA in 2027. After closing, Onnec will operate as part of CBRE’s Critical Infrastructure Services line of business.

“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,” said Vikram Kohli, CBRE’s COO. “The acquisition is also consistent with our ongoing effort to build resilient businesses that benefit from secular tailwinds.”

Barry Horgan, chairman of Onnec, added: “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.”

J.P. Morgan Securities, LLC is acting as financial advisor and Simpson, Thacher & Bartlett LLP as legal advisor to CBRE. Goldman Sachs International is acting as financial advisor and Freshfields LLP as legal advisor to Onnec.