BOSTON, Oct. 5, 2017 /PRNewswire/ -- Iron Mountain
Incorporated (NYSE: IRM), the global leader in storage and
information management services, today announced it has entered
into an agreement to acquire two Credit Suisse data centers in
London and Singapore, which would expand its data center
business internationally. As part of the $100 million transaction, Credit Suisse will
enter into a long-term lease with Iron Mountain to maintain their
existing data center operations.
The transaction comes soon after closing the FORTRUST data
center acquisition on September 1,
2017 and marks Iron Mountain's first step toward
international data center expansion. It expands Iron Mountain's
portfolio, which provides data center services to organizations
across all industries that require highly secure, reliable, and
compliant data storage and related capabilities. The two Credit
Suisse data centers would add a total of 273,000 square feet, and
over 14 megawatts (MW) of capacity (including future expansion) to
Iron Mountain's growing portfolio – of which 4.2MW is leased to
Credit Suisse – and give the company presence in two of the
fastest-growing global markets, London and Singapore, in terms of absorption.
The London data center is
120,000 total square feet and located in the Slough Trading Estate,
while the Singapore data center is
153,000 total square feet located in Serangoon. Both facilities
provide access to large power networks and an ability to serve
numerous enterprises in the respective data center markets.
Designed to meet the security requirements of a highly regulated
financial services firm, the data centers comply with Iron
Mountain's standards for security and compliance. Additionally,
after accounting for the 4.2MW leased to Credit Suisse, Iron
Mountain will have additional expansion capacity of approximately
10MW in these two attractive data center markets.
The transaction is subject to customary closing conditions, with
completion anticipated in the first quarter of 2018. The company
intends to fund the purchase with proceeds from share issuance
under its ATM program, filed earlier today. Data center
acquisitions, such as this transaction, were not part of the
company's previously disclosed 2020 growth plan, but the company's
strategy of growing its data center business does include expanding
through acquisitions as well as organic growth. The company
projects a double-digit stabilized yield following build-out and
lease-up of the expansion capacity.
"With these acquisitions – our first outside of the US and the
agreement coming just weeks after the acquisition of the FORTRUST
data center – we are continuing to expand our global data center
capabilities to better serve our customers seeking the high levels
of security, customer service and compliance that Iron Mountain
delivers," said Iron Mountain President and CEO William L. Meaney. "The demand for, and growth
in, our data center offerings has been consistent and strong,
drawing customers in highly regulated industries. The combination
of our capabilities and the recent completion of the first phase of
our Northern Virginia campus would
strengthen the foundation of our fast-growing data center business,
and are consistent with Iron Mountain's strategic focus on
leveraging our core strengths to develop and accelerate the growth
of new business opportunities."
Forward Looking Statement
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: This release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and other securities laws and is subject to the
safe-harbor created by such Act. Forward-looking statements
include, but are not, limited to the anticipated closing and
funding of the acquisition, the future capacity and anticipated
quality standards of the facilities, the financial impact of the
transaction and future plans to grow our data center business.
These forward-looking statements are subject to various known and
unknown risks, uncertainties and other factors. When Iron Mountain
uses words such as "believes," "expects," "anticipates,"
"estimates" or similar expressions, it is making forward-looking
statements. Although Iron Mountain believes that its
forward-looking statements are based on reasonable assumptions,
Iron Mountain's expected results may not be achieved, and actual
results may differ materially from its expectations. In addition,
important factors that could cause actual results to differ from
Iron Mountain's expectations include, among others Iron Mountain's
ability to close the proposed acquisition in accordance with its
terms or changes in capacity or standards of the data center
facilities. Other risks described more fully in our filings with
the Securities and Exchange Commission, including under the caption
"Risk Factors" in our periodic reports or incorporated therein. You
should not rely upon forward-looking statements except as
statements of Iron Mountain's present intentions and of its present
expectations, which may or may not occur. Except as required by
law, Iron Mountain undertakes no obligation to release publicly the
result of any revision to these forward-looking statements that may
be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
About Iron Mountain
Iron Mountain Incorporated (NYSE:
IRM) is the global leader for storage and information management
services. Trusted by more than 230,000 organizations around the
world, Iron Mountain boasts a real estate network of more than 85
million square feet across more than 1,400 facilities in 52
countries dedicated to protecting and preserving what matters most
for its customers. Iron Mountain's solutions portfolio includes
records management, data management, cloud services, document
management, data centers, art storage and logistics, and secure
shredding to help organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their
information. Founded in 1951, Iron Mountain stores and protects
billions of information assets, including critical business
documents, electronic information, medical data and cultural and
historical artifacts. Visit www.ironmountain.com for more
information.
Investor Relations
Contacts:
|
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Melissa
Marsden
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Faten Freiha
|
Senior Vice
President, Investor Relations
|
Director, Investor
Relations
|
melissa.marsden@ironmountain.com
|
faten.freiha@ironmountain.com
|
(617)
535-8595
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(617)
535-8404
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|
|
Media
Contacts:
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Christian T.
Potts
|
Kaitlyn
Rawlett
|
Director, Corporate
Communications
|
Weber
Shandwick
|
christian.potts@ironmountain.com
|
krawlett@webershandwick.com
|
(617)
535-8721
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(212)
445-8082
|
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SOURCE Iron Mountain