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UK regulator finds Iron Mountain-Recall deal will not reduce competition outside Scotland

Iron Mountain Inc.'sacquisition of Australianpeer Recall Holdings Ltd. is unlikely to substantially reduce competition outsideof Scotland, according to provisional findings from the U.K.'s Competition and MarketsAuthority.

Iron Mountain said it aims to address the regulator's remainingconcerns "as quickly as possible."

The Recall deal was granted conditional consent by the CMA March 30. The transactionis expected to be completed before the regulator issues its final decision afterthe phase two review, which has a statutory deadline of June 29.

Iron Mountain expects the CMA review to result in substantiallylower U.K. sales by the combined group than the estimated maximum, which representsoperations and assets that yielded 1% of the combined group's pro forma revenuefor the 2015-end.

The company closedthe Recall acquisition in a roughly $2 billion deal May 2. The acquisition includesRecall's entire global operations, except for the Australian firm's businesses thatwill be sold to meet U.S.and Canadian regulatory requirements.

Iron Mountain is also expected to unload its Australian operations, excluding its data managementbusiness across that country and its records and information management and datamanagement businesses in the Northern Territory.