October 21, 2026
Bonus Content: CBRE Pays $1 Billion to Own the Firms That Wire Hyperscalers’ Data Centres
National Investor Network
Special Situation Letter
A Private Message for Independent Investors
Are Pesticides the New Tobacco?
Why an industry the world cannot live without may be approaching a change it can no longer avoid…
Dear Investor,
I want to ask you a strange question.
What happens when the public turns against the products of a giant industry… but the world still needs the job those products perform?
That is not a theoretical question.
We have watched versions of this story before. For years, tobacco appeared untouchable. It was profitable, familiar and woven into everyday American life.
Then the pressure started building.
Scientific concern. Public scrutiny. Lawsuits. Regulation. A slow but unmistakable change in what consumers would accept.
Tobacco demand could fall because people could stop smoking.
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But people cannot simply stop controlling mosquitoes, termites, roaches, ticks and the pests that threaten homes, businesses, food and public health. |
That is what makes today’s pesticide story so interesting.
If traditional chemical products face mounting pressure, the need does not go away. The money does not necessarily disappear. It may begin moving toward a different kind of solution.
And quietly – well outside the spotlight of most Wall Street research – one small private company has spent years developing botanical pest-control products designed for this changing market.
That company is Med-X, Inc. It has reserved MXRX for possible use following a successful future Nasdaq listing.
I am not asking you to buy a stock. I am asking you to examine a question before the answer becomes obvious to everyone else:
If pesticides are entering their “tobacco moment,” where could the demand go next?
We prepared a detailed report that follows the entire story – from the historical comparison, to the unavoidable demand for pest control, to the botanical category and the company attempting to build inside it.
The report is long. Deliberately so. It gives you the argument, the counterarguments and the facts you should investigate for yourself.
Click here now to read “Are Pesticides the New Tobacco?”
You may agree with the comparison. You may reject it. Either way, this is a market transition worth understanding.
Sincerely,
The Editors
National Investor Network
P.S. The most consequential changes often look gradual – until suddenly they do not. Read the full investor letter here and decide for yourself whether pest control is approaching one of those moments.
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CBRE Pays $1 Billion to Own the Firms That Wire Hyperscalers’ Data Centres
CBRE agreed Tuesday to buy London-based Onnec Group, a contractor that designs, deploys, and maintains the network and fiber infrastructure inside hyperscale data centres, for £460 million ($610 million) upfront in cash. A multi-year earnout of up to £300 million, roughly $400 million, tied to Onnec hitting specified growth targets could bring the total to approximately $1 billion. The deal is expected to close around the end of the year.
Founded in 1986, Onnec has approximately 800 employees who install equipment inside data centres for hyperscalers across the U.K., Europe, and Asia Pacific. Onnec is expected to generate approximately £370 million ($498 million) in revenue and more than £50 million ($67 million) of core EBITDA in 2027. At the upfront price, CBRE is paying roughly 9x forward EBITDA, a reasonable multiple for a business attached to one of the most capital-intensive build-outs in infrastructure history.
Onnec will operate as part of CBRE’s Critical Infrastructure Services business line, which is expected to generate nearly $4.5 billion of total revenue in 2027 including new contributions from the acquisition. CBRE reported about $700 million in revenue from data center services in the second quarter of 2026. Onnec expands that footprint geographically at a moment when European and Asia Pacific hyperscaler spending is accelerating.
The strategic logic is clear enough. The purchase pushes the biggest firm in commercial real estate services further into the equipment side of data centres. CBRE’s COO Vikram Kohli framed it as “an explicit strategy to build a global infrastructure services business to complement our real estate services business,” adding that Onnec has long been seen as an excellent fit.
For traders, the more relevant question is whether any of this matters to CBRE’s share price. Probably not much in the near term. At roughly $1 billion all-in, this is a bolt-on for a company that already guides toward $4.5 billion in critical infrastructure revenue next year. There is no transformative re-rating argument here.
The angle worth watching is competitive pressure on JLL. JLL has framed the data centre industry as entering the early stages of what it describes as a $3 trillion investment supercycle. JLL anticipates AI workloads will represent half of all data center workloads by 2030. CBRE now has deeper boots on the ground in Europe and Asia Pacific, two regions where JLL has been loudest about opportunity. Every contract Onnec wins for a hyperscaler in Frankfurt or Singapore is one JLL’s data centre services division does not.
Traders in real estate services names should note what this deal is not: a sign of distress, a dilutive equity raise, or a departure from CBRE’s stated priorities. It is disciplined execution of a strategy already priced into the stock to some degree. The earnout structure, contingent on Onnec meeting growth targets, limits downside if hyperscaler capex cools.
Watch: CBRE’s Critical Infrastructure Services revenue in Q4 guidance, any JLL response on the data centre services front, and whether the earnout triggers become a read-through on European hyperscaler build velocity.
