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Asset sales needed for Iron Mountain-Recall deal to clear US antitrust hurdles

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Asset sales needed for Iron Mountain-Recall deal to clear US antitrust hurdles

Iron MountainInc. will need to sell certain of its U.S. properties in order forits pendingpurchase ofAustralian firm Recall Holdings Ltd. to be granted antitrust approval in thecountry.

In order for the transaction to advance, the recordsmanagement giant and Recall will need to dispose of 15 of their properties inmetropolitan areas "where there are few, if any, significant remainingcompetitors," according to a March 31 statement from the U.S. Departmentof Justice. Specifically, the department's Antitrust Division said the companieswill need to divest assets in Detroit; Kansas City, Mo.; Charlotte, Durham andRaleigh, N.C.; Buffalo, N.Y.; Tulsa, Okla.; Pittsburgh; Greenville/Spartanburg,S.C.; Nashville, Tenn.; San Antonio; Richmond, Va.; San Diego; Atlanta; andSeattle.

Citing a March 31 statement from Canadian regulatorCompetition Bureau, Reuters reported March 31 that the company had agreed todivest its records management facilities and client contracts in six of thatcountry's major cities to settle the bureau's concerns.

Iron Mountain said earlier that its proposals meant toadvance the Recall deal have been approved by the Australian Competition and ConsumerCommission and the U.K.'s Competition and Markets Authority.