Iron Mountain Inc.said March 30 that it received approval from the Australian Competition and ConsumerCommission for its planto unload its Australian business in a stock sale.
The proposed sale, which excludes the company's local recordsmanagement clients in the Northern Territory and its data management business, isin conjunction with its pendingpurchase of Australianfirm Recall Holdings Ltd.
The company added that its request for "hold separate"consent regarding the Recall acquisition has been approved by the U.K.'s Competitionand Markets Authority. After the CMA recommendedan in-depth, phase two review for Iron Mountain's Recall acquisition, the companyhad requested the U.K. regulatory agency to allow it to close the transaction beforeconcluding its review. The consent is subject to Iron Mountain's efforts to placeRecall's U.K. business in a "hold separate" arrangement until the CMAcompletes its June 29 review and the company has made any required divestments.
Iron Mountain said it continues to expect the Recall acquisitionto be finalized May 2, Sydney time, after which it will transfer its Australianoperations that are not part of the proposed stock sale aforementioned to the combinedAustralian company.
The proposed issuance of Iron Mountain's shares as part of theRecall deal was approvedby the company's stockholders in November 2015. Recall's board, on the other hand,continues to recommend that its stockholders approve the transaction.