OREANDA-NEWS. October 25, 2016. Iron
Mountain Incorporated (NYSE: IRM), the storage and information
management services company, has received requisite approval from the
Australian Competition and Consumer Commission (ACCC) to sell the
majority of its Australian records management business (as it existed
prior to the acquisition of Recall) to a consortium led by Housatonic
Partners for a total consideration of approximately A\\$70 million,
subject to adjustments.
Housatonic Partners is a private equity firm focused on investing in
growing, profitable companies in the business services, tech-enabled
services and healthcare industries. Founded in 1994, Housatonic has
offices in San Francisco, California, and Boston, Massachusetts and has
owned and operated records management companies in the United States and
Europe.
As disclosed on March 31, 2016, the ACCC decision not to oppose the
acquisition of Recall was contingent on Iron Mountain’s undertaking to
divest its Australian business, except for its data management business
throughout Australia and its records and information management and data
management businesses in the Northern Territory of Australia, which were
transferred to Iron Mountain’s combined Australian company following the
acquisition of Recall.
Completion of the sale of Iron Mountain’s Australian business to the
consortium had been subject to the ACCC’s approval, which has now been
confirmed. The parties currently expect the transaction to close within
7 to 10 days of this announcement. Iron Mountain expects to record a
non-cash impairment charge during the third quarter of 2016 of
approximately \\$14.0 million. This impairment charge will impact Q3 2016
GAAP Earnings per Share (EPS) but will be excluded from Adjusted EPS.
About Iron Mountain
Iron Mountain Incorporated (NYSE:
IRM) is the global leader for storage and information management
services. Trusted by more than 220,000 organizations around the world,
Iron Mountain boasts a real estate network of more than 80 million
square feet across more than 1,350 facilities in 45 countries dedicated
to protecting and preserving what matters most for its customers. Iron
Mountain’s solutions portfolio includes records
management, data
management, document
management, data
centers, art
storage and logistics, and secure
shredding help organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information.
Founded in 1951, Iron Mountain stores and protects billions of
information assets, including critical business documents, electronic
information, medical data and cultural and historical artifacts. Visit www.ironmountain.com
for more information.
Forward Looking Statements
Certain statements contained in this communication may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws and
be subject to the safe-harbor created by such Act. Forward-looking
statements include, but are not limited to, the anticipated closing of
the sale of Iron Mountain’s legacy business as well as the anticipated
impairment charge related thereto. These forward-looking statements are
subject to various known and unknown risks, uncertainties and other
factors. When Iron Mountain uses words such as "believes," "expects,"
"anticipates," "estimates" or similar expressions, it is making
forward-looking statements. You should not rely upon forward-looking
statements except as statements of Iron Mountain’s present intentions
and of Iron Mountain’s present expectations, which may or may not occur.
Although Iron Mountain believes that its forward-looking statements are
based on reasonable assumptions, Iron Mountain’s expected results may
not be achieved, and actual results may differ materially from its
expectations. Important factors that could cause actual results to
differ from Iron Mountain’s expectations include, among others: Iron
Mountain’s ability to close the proposed sale in accordance with its
terms. Additional risks and factors that may affect results are set
forth in Iron Mountain’s filings with the Securities and Exchange
Commission, including Mountain’s filings with the Securities and
Exchange Commission, including under the caption “Risk Factors” in Iron
Mountain’s periodic reports,. Any forward-looking statements contained
herein are based on assumptions that Iron Mountain believes to be
reasonable as of the date hereof and Iron Mountain undertakes no
obligation, except as required by law, to update these statements as a
result of new information or future events.
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