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UPDATE 2-DoJ says Iron Mountain must divest assets to buy Recall Holdings

Published 2016-03-31, 04:56 p/m
© Reuters. UPDATE 2-DoJ says Iron Mountain must divest assets to buy Recall Holdings

(Adds Canada regulator statement; updates shares)
March 31 (Reuters) - The U.S. Department of Justice said
records management company Iron Mountain (NYSE:IRM) Inc IRM.N would have
to divest some of its assets to get U.S. antitrust approval for
its acquisition of Australian rival Recall Holdings Ltd
REC.AX .
The companies will have to sell assets in 15 U.S.
metropolitan areas, including Detroit, San Diego, Atlanta and
Seattle to proceed with deal, the department said on Thursday.
A spokesman for Iron Mountain declined to comment on the DoJ
statement.
Canada's Competition Bureau said late on Thursday that Iron
Mountain had agreed to sell its records management facilities
and customer contracts in six major Canadian cities to address
the regulator's concerns.
Recall Holdings agreed to be acquired by Iron Mountain in
June last year after the U.S. company raised its cash-and-stock
offer to about $2.6 billion.
Iron Mountain said on Wednesday the deal had been approved
by the Australian Competition and Consumer Commission and the
UK's Competition and Markets Authority.
Iron Mountain shares closed about 1 percent higher at $33.91
on Thursday.

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