Our Latest Online Backup Reviews:Vembu SyncBlaze
Industry LinksTools and Graphs
02 May 2016
Ed. Note: A similar press release by Recall is found below Iron Mountain’s press release
Acquisition strengthens global footprint, opens up new markets and enhances service delivery
BOSTON, MA – May 2, 2016 — /BackupReview.info/ — Iron Mountain Incorporated (NYSE: IRM), the global leader in storage and information management services, today announced the completion of its acquisition of Recall Holdings Limited as a primarily stock transaction for approximately $2 billion (US). With the acquisition, Iron Mountain acquires the entirety of Recall’s global operations, including all facilities, vehicles, employees and customer assets and excluding operations to be divested in accordance with regulatory agreements in the United States, Canada and Australia; the acquisition of the Recall business in the UK remains subject to regulatory review. Additionally, Iron Mountain appointed Recall directors Neil Chatfield and Wendy Murdock to its Board of Directors, who are included among director nominees standing for election at the company’s upcoming Annual Meeting of Stockholders on June 17, 2016.
Increasing regulations, ongoing security threats, and the need to turn data into business value has elevated both the complexity and priority of managing information and assets. From business records to data to valuable items like art, the stakes have never been higher for organizations of all sizes to ensure their most critical assets are protected while able to be accessed immediately. They require a partner located where they are with the right combination of trust and security to protect what matters most, while also providing expertise and product and services designed to get the most out of those assets. And they need to be sure that as their business matures and changes, their partner can scale with them – supporting their growth across geographies and into new industries.
“Today marks an important milestone for Iron Mountain, and we welcome our new colleagues from Recall as well as their customers and shareholders into our company,” said William L. Meaney, president and CEO of Iron Mountain. “This acquisition significantly boosts our vision to serve as the trusted guardians of our customers’ most important assets, as it expands both our services and footprint for better assisting them with their storage and information management needs. That trust is a cornerstone of our business, whether it’s securing the strategic value of information and assets or continuing to develop innovative products and services that give customers improved access, control and value from those assets. We’re now strongly positioned to deliver on our strategic and financial goals, drawing on the combined capabilities and expertise of both companies to ensure a superior customer experience across the globe.”
For more on Iron Mountain’s acquisition of Recall, please visit www.ironmountain.com/Iron-Mountain-Recall-Acquisition.aspx
About Iron Mountain
Source: Iron Mountain
Related News issued by Recall:
Iron Mountain’s Acquisition of Recall Completed
The scheme of arrangement for the acquisition of Recall Holdings Limited (ASX:REC) (Recall) by Iron Mountain Incorporated (NYSE:IRM) (Iron Mountain) has today been legally implemented. Accordingly, all ordinary shares in Recall have now been acquired by Iron Mountain.
Recall Chairman Ian Blackburne said “Today marks the final stage of the acquisition of Recall by Iron Mountain. I thank Recall’s employees, clients and shareholders for their tremendous support over the years. Now that Recall is a part of the enlarged Iron Mountain group, I trust that this will continue and that both they and Iron Mountain will benefit from the many opportunities that this compelling combination provides.”
Also commenting, President and CEO Doug Pertz said “Today, shareholders receive their acquisition consideration and will, in a tangible sense, realise the very significant value that has been created since Recall was demerged from Brambles in December 2013. At that time, Recall had a value of A$1.9 billion and today, this transaction values Recall at approximately A$3.7 billion. We are very proud to have delivered such an outstanding result for shareholders, both through this transaction premium and the dividends that have been paid over the last two and a half years. I would like to pay tribute to the Recall team for their commitment to the business, customers and shareholders, which has contributed in no small measure to this outcome.”
Shareholders who receive the Standard Consideration will receive A$0.6485 (being the Australian dollar equivalent of US$0.50 paid based on an AUDUSD exchange rate of 0.7710) plus 0.1722 Iron Mountain securities.
As at the close of trading on Friday 29 April 2016, the implied value of the Standard Consideration was A$8.98 per Recall share (based on a trading price of Iron Mountain CDIs (ASX: INM) of A$48.40).
Iron Mountain CDIs have traded on a deferred settlement basis since 22 April 2016 and will commence trading on a normal settlement basis tomorrow, Tuesday 3 May 2016. New Iron Mountain Shares issued under the Scheme will also commence trading on the NYSE on Tuesday 3 May 2016.
Recall advises that 11,426 Recall shareholders elected the Cash Alternative of A$8.50 per Recall share, representing a total of 90.7 million Recall shares. As the consideration payable in respect of those cash elections would exceed the total cash pool of A$225 million the Scale Back Mechanism will apply.
As set out in the Scheme Booklet, the Scale Back Mechanism provided for preferential access to the A$225 million cash pool for certain existing shareholders. Recall now confirms that all shareholders, including beneficial owners holding through nominees, who made a valid Cash Election, will be given preferential access in the scale back for the first 5,000 shares held or owned continuously from 11 June 2015 through to the Record Date (Wednesday, 27 April 2016). As a result, 90% of shareholders and beneficial owners that made a cash election will receive the cash alternative in full.
After payment for the preferential access shares, the remaining cash pool proceeds will then be apportioned on a pro-rata basis across the remaining shares which are the subject of Cash Elections. The consideration for these shares will be 20.8% Cash Alternative and 79.2% Standard Consideration.
Recall shareholders will separately receive individual statements setting out the details of the consideration received, including the impact of the scale back (if applicable).
Recall also notes the following matters pursuant to the ASX Listing Rules:
Delisting from ASX
Change in Office Holders
For further information, please contact:
Australian media enquiries
U.S. media enquiries
Source: Recall Holdings
General Tags: cloud computing, software as a service, online backup services, backing up online, online backup news, data security, online backup providers directory, online backup companies, compare online backups, online backup, online file storage, top rated online backups, online backup reviews, data storage, online file backup, CEO interviews, online data backup, SaaS
Like us on Facebook
Sponsored Links:Data Deposit Box Asigra Bacula Systems