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CMA Publishes Provisional Findings in Connection with Recall Acquisition

BOSTON, May 04, 2016 (BUSINESS WIRE) -- Iron Mountain Incorporated IRM, +1.64% the storage and information management services company, reports that the United Kingdom’s Competition and Markets Authority (CMA) published its provisional findings in connection with Iron Mountain’s acquisition of Recall Holdings Limited indicating that the acquisition is not expected to result in any substantial lessening of competition outside of Scotland.

Iron Mountain looks forward to addressing the CMA’s remaining concerns, outlined in its provisional findings, and completing this process as quickly as possible. Further details regarding the CMA’s provisional findings can be found by clicking HERE.

On March 30, 2016, the CMA granted its conditional consent for the Recall acquisition to be completed prior to the issuance of its final decision following its Phase 2 Review. The statutory deadline for completion of CMA’s Phase 2 Review is June 29, 2016, and no definitive view can be given at this stage as to its outcome or the scope and timing of any divestitures required. Iron Mountain remains confident that the CMA Review will result in divestments by the Combined Group in the UK significantly less than the estimated maximum, which represents operations and assets that generated 1% of the Combined Group's pro forma revenue for the year ended December 31, 2015.

Iron Mountain completed its acquisition of Recall, primarily as a stock transaction for approximately US$2 billion, on May 2, 2016. Iron Mountain acquired the entirety of Recall’s global operations, including all facilities, vehicles...