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 (CMA) published its provisional
findings in connection with Iron Mountain’s acquisition of Recall
Holdings Limited indicating that the acquisition is not expected to
result in any substantial lessening of competition outside of Scotland.
Iron Mountain looks forward to addressing the CMA’s remaining concerns,
outlined in its provisional findings, and completing this process as
quickly as possible. Further details regarding the CMA’s provisional
findings can be found by clicking HERE.
On March 30, 2016, the CMA granted its conditional consent for the
Recall acquisition to be completed prior to the issuance of its final
decision following its Phase 2 Review. The statutory deadline for
completion of CMA’s Phase 2 Review is June 29, 2016, and no definitive
view can be given at this stage as to its outcome or the scope and
timing of any divestitures required. Iron Mountain remains confident
that the CMA Review will result in divestments by the Combined Group in
the UK significantly less than the estimated maximum, which represents
operations and assets that generated 1% of the Combined Group's pro
forma revenue for the year ended December 31, 2015.
Iron Mountain completed its acquisition of Recall, primarily as a stock
transaction for approximately US$2 billion, on May 2, 2016. Iron
Mountain acquired the entirety of Recall’s global operations, including
all facilities, vehicles, employees and customer assets and excluding
operations to be divested in accordance with regulatory agreements in
the United States and Canada. Iron Mountain will divest its Australian
business other than its data management business throughout Australia
and its records and information management and data management
businesses in the Northern Territory.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is the global leader for storage
and information management services. Trusted by more than 220,000
organizations around the world, Iron Mountain boasts a real estate
network of more than 80 million square feet across more than 1,350
facilities in 45 countries dedicated to protecting and preserving what
matters most for its customers. Iron Mountain’s solutions portfolio
includes records
management, data
management, document
management, data
centers, art
storage and logistics, 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 critical business documents, electronic
information, medical data and cultural and historical artifacts. 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, the outcome of the
regulatory review of the transaction in the United Kingdom, the scope
and timing of required divestitures as a result of such review, and
statements regarding Iron Mountain’s goals, beliefs, plans and current
expectations. 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: the
receipt of governmental approval and required divestitures. 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, 2015 and Quarterly Report Form 10-Q for the quarter
ending March 31, 2016. 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.
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Source: Iron Mountain