find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Iron Mountain buys Recall Holdings

Iron Mountain buys Recall Holdings

handshake

Multiple firms have advised on the sale of ASX-listed document provider Recall Holdings to Iron Mountain.

Firms: MinterEllison (Iron Mountain); Weil, Gotshal & Manges LLP (US and UK counsel to Iron Mountain); Allens (Recall Holdings); Sidley Austin (US counsel to Recall Holdings)

Deal: Global document and data storage company Iron Mountain acquired Australia-based Recall Holdings.

Value: $3.7 billion

Area: M&A, competition

Key players: The MinterEllison competition team consisted of partner Katrina Groshinksi and senior legal consultant Russell Miller. The corporate team from MinterEllison comprised partners Michael Gajic, Ben Smith and lawyer Annabel Humphreys.

Deal significance: The acquisition was completed by way of a recommended scheme of arrangement through a scrip offer that valued Recall at around $3.7 billion.

Iron Mountain issued 0.1722 of its own shares plus US$0.50 cents in cash for each Recall share and completed a secondary listing of its shares, by way of CDIs, on the ASX, according to a statement from MinterEllison.

Recall shareholders with 5,000 shares or less were given priority access to an alternative all-case consideration of $8.50 per share.

This offer was subject to a pro-ration mechanism that capped the total cash payable to Recall shareholders at $225 million.

In order to gain approval from competition regulators, Iron Mountain agreed to divest portions of Recall’s business in Australia, the US and Canada.

Approval has now been granted by the Australian Competition and Consumer Commission, the US Department of Justice, the Canada Competition Bureau and the UK Competition and Markets Authority.

However, the UK competition review is still ongoing.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Iron Mountain buys Recall Holdings
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...