Iron Mountain To Buy ITRenew

(RTTNews) - Iron Mountain Inc (IRM) said that it has agreed to acquire ITRenew, a global leader in mission critical data center lifecycle management solutions.

As per the terms of the deal, Iron Mountain will acquire 80 percent of shares of ITRenew for approximately $725 million in cash. The remaining 20 percent will be acquired in cash within three years from close, with a minimum payment of $200 million and the final amount subject to the performance of the business. The transaction implies a minimum enterprise value of $925 million.

Previous investor ZMC, a private equity firm focused on technology, media and communications investments, will exit its position as part of this transaction.

Iron Mountain anticipates the acquisition will be immediately accretive to 2022 AFFO and positively enhance the Company's long-term revenue and cash flow growth. The company has secured financing commitments and expects to fund the transaction through a combination of new debt and borrowing capacity under its current revolver with modest impact on leverage in the short term.

The transaction is expected to close in the first quarter of 2022.