CBRE · Earnings call · 2026Q3T · Full report

Acquisition / Partnership / Divestiture

CBRE GROUP, INC. · 2026-10-22 · Importance 58 · Surprise 42 · Contradicted

CBRE agreed to acquire Onnec, a data-center technical-services business, with closing expected around year-end 2026. Management said Onnec expands white-space technical-services and project capabilities in Malaysia, the Nordics, and Australia; the acquisition would have represented at least $3 billion of Critical Infrastructure Services revenue over the prior 12 months if included. The deal includes an earn-out that could exceed $1 billion if fully achieved, and CBRE expects the acquisition to contribute to its 2027 growth plan. Management targets at least a 15% return on acquisitions and described recent deals as immediately accretive.

Key facts

• If Onnec earns the entirety of its earn-out, the earn-out would be a little over $1 billion.
• CBRE expects the Onnec acquisition to close around the end of 2026.
• CBRE said it was receiving inbound approaches from companies considering selling their businesses to CBRE.
• CBRE expects to do more M&A in 2027 and has a strong pipeline, particularly in the data center space.
• CBRE said Onnec's operations in Malaysia, the Nordics, and Australia round out its business.
• CBRE expects some of its M&A pipeline to convert in 2027.

Impact estimates