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.
