Australian, U.K. Regulators Reach Competition Agreement with Iron Mountain

    Apr 13, 2016

    Australia’s Competition and Consumer Commission (ACCC) on March 30 accepted a proposal by Iron Mountain Inc. to divest most of its Australian business following the company’s acquisition of Recall Holdings.

    According to a report in the Sydney Morning Herald, in the absence of the divesture, the ACCC had “significant concerns that the proposed acquisition” because it was “likely to substantially lessen competition for physical document management services.” The article notes that, without the divestitures, the combined market share of Iron Mountain and Recall would be as high as 71%.

    Also on March 30, Iron Mountain reported that the U.K.’s Competition and Markets Authority (CMA) granted its conditional consent for the merger to be implemented prior to regulatory clearance and subject  to additional potential divestitures.

    On March 31, Canada’s Competition Bureau announced that it had reached a consent agreement which requires Iron Mountain to sell a number of records management facilities and customer contracts in six major Canadian cities. Also on March 31, the U.S. Justice Department announced it had reached a consent order requiring Iron Mountain to divest Recall’s document storage service assets in 15 U.S. cities.

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