BOSTON--(BUSINESS WIRE)--
Iron
Mountain Incorporated (NYSE: IRM), the storage and information
management services company, has received requisite approval from the
U.S. Department of Justice (DOJ) and the Canadian Competition Bureau
(CCB) to sell certain legacy Recall assets in Seattle and Atlanta and to
sell certain legacy Recall and legacy Iron Mountain assets in Canada.
All of the assets will be sold to Summit Park, a Charlotte-based private
equity firm, for a total consideration of $50 million, subject to
adjustments. The records management provider comprised of the assets
will be named Arkive. The transaction is expected to close by the end of
the year.
As disclosed on March 31, 2016, the DOJ and CCB approvals of the Recall
acquisition were contingent upon Iron Mountain’s agreement to divest
certain legacy Recall assets in the U.S. and legacy Recall and Iron
Mountain assets in Canada.
The DOJ’s approval was conditioned upon Iron Mountain’s agreement to
divest, to a buyer or buyers subject to the DOJ’s approval, Recall’s
records and information management facility in Seattle and certain of
Recall’s records and information management facilities in Atlanta. In
addition, the DOJ required Iron Mountain to divest of Recall’s records
and information management facilities in 13 U.S. cities; this
transaction closed on May 4 and the assets were sold to Access CIG, LLC,
a privately held provider of information management services throughout
the United States, for total consideration of $80 million, subject to
adjustments.
The CCB’s approval was based upon Iron Mountain’s agreement to divest
Recall’s records and information management facilities in Edmonton and
Montreal (Laval), and certain of Recall’s records and information
management facilities in Calgary and Toronto. In addition, Iron Mountain
agreed to divest one of its records and information management
facilities in Vancouver (Burnaby) and one of its records and information
management facilities in Ottawa.
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 anticipated closing of
the sale of the US. and Canadian assets referenced herein. 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: Iron Mountain’s ability to close the
proposed sale in accordance with its terms. Additional risks and factors
that may affect results are set forth in Iron Mountain’s filings with
the Securities and Exchange Commission, including Mountain’s filings
with the Securities and Exchange Commission, including under the caption
“Risk Factors” in Iron Mountain’s periodic reports,. 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