Iron Mountain (IRM) Enters Agreement to Sell Iron Mountain Australian Business; Sees non-Cash Impairment in Q3
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Iron Mountain Incorporated (NYSE: IRM) 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.
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