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Iron Mountain has finalized its acquisition of ITRenew, securing 80% of shares for approximately $725 million in cash.
This strategic move positions Iron Mountain to enhance its Global IT Asset Lifecycle Management and expand its reach in the hyperscale and corporate data center markets. The remaining 20% is priced at a minimum enterprise value of $925 million and will be acquired within three years. This acquisition aims to bolster Iron Mountain’s capabilities in delivering innovative circular economic models that promote financial and sustainability benefits.
Positive
Acquisition of 80% of ITRenew enhances Iron Mountain's capabilities in IT Asset Lifecycle Management.
Strategic position to serve hyperscale and corporate data center segments.
Potential for accelerating enterprise growth through existing global customer base.
Negative
Remaining 20% acquisition could strain financial resources with a minimum enterprise value of $925 million.
Integration challenges may arise from merging ITRenew's operations with Iron Mountain's existing framework.
- Leading IT Asset Disposition Provider Serving the Fastest Growing Segment of the Market
- Accelerating Iron Mountain’s Growth Trajectory with Hyperscale Providers, Expanding Core Capabilities in Secure IT Asset Disposition, and Advancing ESG Offerings
BOSTON--(BUSINESS WIRE)--
Iron Mountain Incorporated (NYSE: IRM), the leading information management company, has completed its acquisition of ITRenew, a global leader in mission critical data center lifecycle management solutions. With the transaction, Iron Mountain acquired 80 percent of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash, with the remaining 20 percent acquired within three years of close for a minimum enterprise value of $925 million.
With the acquisition close, ITRenew becomes the platform for Iron Mountain’s Global IT Asset Lifecycle Management business. The combination significantly enhances the Company’s ability to provide end-to-end services for the hyperscale, corporate data center and corporate end user device segments. Iron Mountain will build on this strategic platform and accelerate enterprise growth by leveraging its global customer base and best-in-class data security and logistics capabilities.
“One of the strategic cornerstones of the ITRenew transaction is that it advances Iron Mountain’s position in Asset Lifecycle Management and accelerates our enterprise growth trajectory,” said William Meaney, President and Chief Executive Officer of Iron Mountain. “With ITRenew, we can maximize the lifetime value of data center technology through innovative circular economic models, helping our customers achieve both financial and sustainability benefits. We are thrilled to welcome everyone at ITRenew to the Iron Mountain team.”
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is the global leader in innovative storage, lifecycle IT asset management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, IT Asset Lifecycle Management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals. To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.
