Market Overview

ACCC Will Not Oppose Proposed Acquisition Of Recall Holdings By Iron Mountain


Iron Mountain Inc (NYSE: IRM), a storage and information management services company, announced on Wednesday that it has received regulatory of approval of a proposed undertaking in Australia and the United Kingdom.

Iron Mountain stated that the Australian Competition and Consumer Commission (ACCC) completed market testing and approved the company's plans to divest its Australian business in a stock sale, excluding its local records management customers in the Northern Territory and its data management business.

Related Link: New Wind Power Agreement Enables Iron Mountain To Exchange 30% Of North American Electricity Use With Renewable Energy

The divestment of its Australian business was a pre-requisite to obtain the necessary approval to acquire Recall Holdings.

Iron Mountain also stated that the United Kingdom's Competition and Markets Authority (CMA) approved its request for consent to close the anticipated acquisition of Recall prior to regulatory clearance and subject to certain "hold separate" commitments.

Iron Mountain continues to expect its combination with Recall will result in meaningful synergies and accretion, and it has agreed to make certain divestments, if necessary, to address competitive issues.

Shares of Iron Mountain were trading higher by 0.6 percent late Thursday morning.

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