Iron Mountain Gets U.S. And Canada Approval To Sell Certain Assets

(RTTNews) - Iron Mountain Incorporated (IRM), the storage and information management services company, said it has received requisite approval from the U.S. Department of Justice and the Canadian Competition Bureau to sell certain legacy Recall assets in Seattle and Atlanta and to sell certain legacy Recall and legacy Iron Mountain assets in Canada.

All of the assets will be sold to Summit Park, a Charlotte-based private equity firm, for a total consideration of $50 million, subject to adjustments.

The records management provider comprised of the assets will be named Arkive. The transaction is expected to close by the end of the year.

The DOJ's approval was conditioned upon Iron Mountain's agreement to divest, to a buyer or buyers subject to the DOJ's approval, Recall's records and information management facility in Seattle and certain of Recall's records and information management facilities in Atlanta. In addition, the DOJ required Iron Mountain to divest of Recall's records and information management facilities in 13 U.S. cities; this transaction closed on May 4 and the assets were sold to Access CIG, LLC, a privately held provider of information management services throughout the United States, for total consideration of $80 million, subject to adjustments.

The CCB's approval was based upon Iron Mountain's agreement to divest Recall's records and information management facilities in Edmonton and Montreal (Laval), and certain of Recall's records and information management facilities in Calgary and Toronto. In addition, Iron Mountain agreed to divest one of its records and information management facilities in Vancouver (Burnaby) and one of its records and information management facilities in Ottawa.