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Iron Mountain gains US, Canadian regulatory approvals for Recall deal

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Capital Markets View – January 2021


Iron Mountain gains US, Canadian regulatory approvals for Recall deal

Iron MountainInc. said March 31 that it received further regulatory for its proposedacquisition of Australian company Recall Holdings Ltd.

The company gained the approval of the U.S. Department ofJustice for the transaction, subject to the condition upon its agreement tosell Recall's recordsand information management facilities in 13 U.S. cities to a single buyerpre-approved by the DOJ.

Subsequently, Iron Mountain struck a deal with Access CIGLLC for the purchase of the facilities for $80 million, subject to adjustmentsand customary closing conditions. The sale is anticipated to close soon after thecompletion of the proposed Recall acquisition.

The approval would also require Iron Mountain to sell Recall'srecords and information management facility in Seattle and some of Recall'srecords and information management facilities in Atlanta. The company wouldhave to offload those assets to a buyer or buyers subject to the DOJ's approval.

In addition, the Canada Competition Bureau approved theRecall deal. The approval is based upon Iron Mountain's agreement to sellRecall's records and information management facilities in Edmonton and Montreal.A CCB-approved purchaser would have to acquire the Canadian assets.

Iron Mountain also said in the news release that it nowexpects the acquisition of Recall to result to net synergies of about $105million from the $155 million when the deal was in June 2015.