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Iron Mountain hikes data centre footprint, seeks USD 500mn
Posted on Friday, 06 October 2017 12:03
Iron Mountain has entered into a sales distribution agreement worth up to USD 500.00 million the same day as announcing the acquisition of two data centres based outside the US from Credit Suisse.
The US provider of records and document management and data backup recovery has hired ten agents for the sale of stock carried out either through negotiated deals or at the market offerings.
Money raised would fund general corporate activity such as financing the expansion of the group’s adjacent businesses via acquisitions and repaying amounts outstanding from time to time under a revolving credit facility.
Iron Mountain is a real estate investment trust formed to store records, both physical and data backup media, and to provide information management that helps organisation protect their information.
The Massachusetts-based company had 230,000 customers across the commercial, healthcare, life sciences and entertainment industries, among others, in 52 countries around the world, as of 30th June 2017
Its share price has fluctuated between a low closing price of USD 24.56 and a high of USD 41.25 between 1st January 2016 and 4th October2017, and closed at USD 39.01 yesterday to give a capitalisation of USD 10.40 billion.
News of the distribution agreement came alongside the announcement that Iron Mountain is buying two data centres in London and Singapore from Credit Suisse for USD 100.00 million, which includes a long-term lease contract.
The deal expands the group’s portfolio, which provides services to organisations across all industries that require secure, reliable, and compliant data storage and related capabilities.
It noted the two centres would add a total of 273,000 square feet, and over 14 MW of capacity and provide a presence in two of the fastest-growing global markets, London and Singapore, in terms of absorption.
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