Simpson Thacher is advising CBRE Group, Inc in connection with its definitive agreement to acquire Onnec Group Limited, a leading provider of data center infrastructure services for the world's largest technology companies in Europe and Asia Pacific. The acquisition will significantly enhance CBRE's ability to support its clients' data center needs on a global basis.
The initial purchase price is £460 million (approximately $610 million) in cash. In addition, the parties have agreed to a multi-year earnout of up to £300 million (approximately $400 million), subject to Onnec meeting certain growth thresholds.
The Simpson Thacher team includes Clare Gaskell, Jewel Zhu, Isabel Lam, Thomas Kannan, Serkan Yavuz (M&A); Étienne Renaudeau, Henry Llewellyn, Luke Cowdell, Jason Wang, Dina Papazoglou (Antitrust); and Cassandra Hamill (Tax).