Legal support service provider divests assets for takeover bid

By Lara Bullock|20 April 2016
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Information management company Iron Mountain is selling its Australian assets after the Australian Competition & Consumer Commission (ACCC) deemed its acquisition of Recall was anti-competitive.

The ACCC recently approved Iron Mountain’s acquisition of Recall, provided Iron Mountain divested a majority of its Australian assets.

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The ACCC noted that the $2.6 billion takeover would see Australia’s two largest providers of physical document management services merge, creating one entity with a market share of between 59 per cent and 71 per cent.

Iron Mountain issued a court enforceable undertaking to divest its entire Australian business, according to The Australian.

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However, it excluded its local records management customers in the Northern Territory and its data protection business from the plan.

The deal will go ahead if given court approval at a hearing scheduled for today.

Legal support service provider divests assets for takeover bid
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