Iron Mountain (IRM) to acquire ITRenew for $725 million.

Iron Mountain Inc. (IRM) announced today that is has entered into an agreement to acquire ITRenew, a service company focusing on the lifecycle management and disposition of data center servers.  IRM said that the purchase price would be approximately $725 million for an initial 80% ownership stake, with funding to consist of bank revolver borrowings and other debt financing sources.  The remaining 20% of ITRenew is expected to be acquired in the next three years for an additional $200 million.

"This strategic transaction marks an important step in advancing Iron Mountain’s position in Asset Lifecycle Management and accelerating our enterprise growth trajectory,” said William Meaney, Chief Executive Officer of Iron Mountain. “ITRenew complements our fast-growing IT Asset Lifecycle Management and Data Center businesses bringing capabilities to serve some of the largest and most innovative companies in the world.”

Established in 1951, Iron Mountain is a global records storage and data management company operating in 56 countries on six continents.  The company serves an extensive customer base that numbers over 225,000 accounts across 50 industries. IRM is a member of the S&P 500 with a total market capitalization of approximately $21 billion.