This entry is sourced from CBRE's Exhibit 99.1 press release filed as part of an 8-K on October 20, 2026. The agreement is a signed definitive agreement that had not yet closed as of this filing; the transaction is subject to customary regulatory approvals and was expected to be completed around the end of the year (2026).
J.P. Morgan Securities, LLC is acting as financial advisor to CBRE. Goldman Sachs International is acting as financial advisor to Onnec.
Simpson, Thacher & Bartlett LLP is acting as legal advisor to CBRE. Freshfields LLP is acting as legal advisor to Onnec.
The initial purchase price is £460 million (approximately $610 million) in cash. In addition, the parties agreed to a multi-year earnout of up to £300 million (approximately $400 million), contingent on Onnec meeting certain growth thresholds. Onnec, founded in 1986 with approximately 800 employees, is expected to generate approximately £370 million ($498 million) in revenue and more than £50 million ($67 million) of core EBITDA in 2027, and the acquisition is expected to be immediately accretive to CBRE's core earnings per share. CBRE expects its Critical Infrastructure Services business line to generate nearly $4.5 billion of total revenue in 2027 including Onnec's contribution.
The release does not disclose the specific earnout performance metrics or growth thresholds that would trigger the full £300 million contingent payment, Onnec's current or historical EBITDA or revenue figures prior to the 2027 projection, or the fee arrangements for J.P. Morgan, Goldman Sachs International, Simpson Thacher, or Freshfields. The exact GBP-to-USD exchange rate used to convert the headline purchase price figures is also not specified in this release.