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Iron Mountain closes $1.3B acquisition of IO Data Centers' US operations

Iron Mountain Inc. completed its acquisition of the U.S. operations of IO Data Centers LLC and announced that underwriters fully exercised their 30-day option to acquire additional shares under its 14.5 million-common-share offering.

The purchase price was roughly $1.34 billion at closing and was partially financed by the stock offering. The price is subject to working capital, standard adjustments and additional cash payable in connection with the company's performance.

The company acquired the land and buildings connected with four state-of-the-art data centers in Phoenix and Scottsdale, Ariz.; Edison, N.J.; and Columbus, Ohio, in the transaction.

The four facilities span an aggregate 728,000 square feet in data center space, providing 62 MW of capacity, and come with an expansion potential of a further 77 MW in Arizona and New Jersey.

J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, Barclays Capital Inc. and Evercore Group LLC were the representatives of the offering's underwriters.