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 www.ironmountain.com
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151230005191/en/
Source: Iron Mountain