NYSE: IRM 34.50 -0.32 (-0.92%) Volume: 1,689,242 March 19, 2019
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Iron Mountain
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Greer Aviv, SVP
Investor Relations

Anjaneya Singh, Director
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Iron Mountain Will Offer Undertakings to UK Competition and Markets Authority To Address Concerns Over Proposed Acquisition of Recall


BOSTON--(BUSINESS WIRE)-- Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, reports that the United Kingdom’s Competition and Markets Authority (the “CMA”) has announced its decision to refer Iron Mountain’s proposed acquisition of Recall Holdings Limited (ASX:REC) by way of scheme of arrangement (the “transaction”) for an in-depth (“Phase 2”) investigation, unless Iron Mountain offers acceptable undertakings to address competition concerns preliminarily identified by the CMA.

Iron Mountain is cooperating fully with the CMA and intends to offer acceptable undertakings in order to address the CMA’s concerns. As required under the Scheme Implementation Deed, Iron Mountain will make any divestments that are required in order to obtain the approval of the CMA.

Iron Mountain has until January 7, 2016 to submit its proposed undertakings and the CMA will then have until January 14, 2016 to consider whether there are reasonable grounds for believing that the undertakings offered, or a modified version of them, might be accepted. If the CMA believes that the proposed undertakings will resolve its concerns, the agency will make a formal decision to accept the undertakings in lieu of a Phase 2 investigation, following a period of public consultation.

Further details regarding the CMA’s media release can be found by clicking HERE.

Iron Mountain continues to work closely with other regulatory authorities around the world and Iron Mountain and Recall continue to expect the transaction to close early in the second quarter of 2016.

About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and information management services. The company’s real estate network of more than 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers around the world. And its solutions for records management, data management, document management, and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit for more information.

Forward Looking Statements

Certain statements contained in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and be subject to the safe-harbor created by such Act. Forward-looking statements include, but are not limited to, Iron Mountain’s financial performance outlook and shareholder returns in 2015 and through 2020, including after giving effect to Iron Mountain’s proposed acquisition of Recall, and statements regarding Iron Mountain’s operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, projected revenues from Iron Mountain’s emerging market acquisition pipeline, valuation creation and returns associated with Iron Mountain’s data center business and other adjacent businesses, and the benefits associated with increasing the percentage of real estate that Iron Mountain owns. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects," "anticipates," "estimates" or similar expressions, it is making forward-looking statements. You should not rely upon forward-looking statements except as statements of Iron Mountain’s present intentions and of Iron Mountain’s present expectations, which may or may not occur. Although Iron Mountain believes that its forward-looking statements are based on reasonable assumptions, Iron Mountain’s expected results may not be achieved, and actual results may differ materially from its expectations. Important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s actual dividends when paid may be materially different than Iron Mountain’s estimates; (ii) the cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (iii) the impact of litigation or disputes that may arise in connection with incidents in which Iron Mountain fails to protect its customers' information; (iv) changes in the price for Iron Mountain’s storage and information management services relative to the cost of providing such storage and information management services; (v) changes in customer preferences and demand for Iron Mountain’s storage and information management services; (vi) the adoption of alternative technologies and shifts by Iron Mountain’s customers to storage of data through non-paper based technologies; (vii) the cost or potential liabilities associated with real estate necessary for Iron Mountain’s business; (viii) the performance of business partners upon whom Iron Mountain depends for technical assistance or management expertise; (ix) changes in the political and economic environments in the countries in which Iron Mountain’s international subsidiaries operate; (x) changes in the cost of Iron Mountain’s debt; (xi) changes in the amount of Iron Mountain’s capital expenditures; (xii) Iron Mountain’s ability to remain qualified for taxation as a real estate investment trust; (xiii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; and (xiv) other trends in competitive or economic conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated. In addition, with respect to the potential Recall transaction, Iron Mountain’s ability to close the proposed transaction in accordance with its terms and within the anticipated time period, or at all, is dependent on Iron Mountain’s and Recall's ability to satisfy the closing conditions for the transaction, including the receipt of governmental and shareholder approvals, and the benefits of the potential Recall transaction, including potential cost synergies and other synergies (including tax synergies), may not be fully realized or may take longer to realize than expected. Additional risks and factors that may affect results are set forth in Iron Mountain’s filings with the Securities and Exchange Commission, including Iron Mountain’s Annual Report on Form 10-K for the fiscal year ending December 31, 2014, Iron Mountain’s current report on Form 8-K, filed with the SEC on May 7, 2015 and Iron Mountain’s quarterly report on From 10-Q for the fiscal quarter ending September 30, 2015 and in Recall’s filings with the Australian Stock Exchange, including Recall’s Annual Report for the fiscal year ending June 30, 2015. Any forward-looking statements contained herein are based on assumptions that Iron Mountain believes to be reasonable as of the date hereof and Iron Mountain undertakes no obligation, except as required by law, to update these statements as a result of new information or future events.

Source: Iron Mountain

Iron Mountain Contacts:

US Media:

Abernathy MacGregor Group

Chuck Burgess, 212-371-5999


Ian Campbell, 213-630-6550


Australian Media:

Cato Counsel

David Symons, 61.410559184


IRM Investors:

Melissa Marsden, 617-535-8595

SVP, Investor Relations


IRM Media:

Christian Potts, 617-535-8721

Senior Manager, Corporate Communications