Australian Regulator Raises Concerns Over Iron Mountain's Acquisition Of Recall

(RTTNews) - Iron Mountain Inc. (IRM), the storage and information management company, said that the Australian Competition and Consumer Commission or ACCC has released a Statement of Issues related to Iron Mountain's proposed acquisition of Recall Holdings Limited (REC.AX) by way of scheme of arrangement.

Iron Mountain noted that The Statement of Issues is a normal part of the ACCC process and it is designed to seek industry views and further information on certain competition issues that have arisen from the ACCC's market inquiries to date. The Statement of Issues is not a final decision. It provides the ACCC's preliminary views on the proposed acquisition. The ACCC has commenced a public consultation process in respect of the Statement of Issues and invites further submissions from interested parties.

The ACCC has indicated that it expects to announce its final decision in respect of the transaction on December 15, 2015. The transaction is still expected to close in the first quarter of 2016.

Iron Mountain said it is working closely with the ACCC to address the issues raised and is committed to making any divestments required to obtain the competition approvals in Australia, without any monetary cap.

Both Iron Mountain's and Recall's Boards of Directors continue to unanimously recommend that their respective shareholders vote in favor of the transaction.

On 8th, June 2015, Iron Mountain and Recall Holdings announced that they entered into a binding Scheme Implementation Deed for Iron Mountain to acquire Recall by way of a recommended court-approved Scheme of Arrangement for an enterprise value of about A$3.4 billion or US$2.6 billion at the month of Iron Mountain stock price.