Iron Mountain Reached Agreement to Acquire Leading ITAD Company

SEATTLE (Scrap Monster): Iron Mountain Incorporated announced that it has entered into a definitive agreement to acquire ITRenew- the world’s leading provider of lifecycle management solutions for mission critical data.

In accordance with the agreement, Iron Mountain will acquire 80% of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash. The remaining 20% shares will be acquired over a period of three years, for a minimum enterprise value of $925 million. Consequently, ZMC- the current investor will exit its position, said the news release.

ALSO READ:

TES Opened New Enlarged ITAD and E-Waste Recycling Facility

TerraCycle to Boost Innovative ITAD and E-Waste Recycling Solutions

The transaction offers significant opportunity for Iron Mountain to capitalize on the vast, expanding IT asset disposition market, which is forecast to grow at a CAGR of around 11% over the next five-year period. Apart from leveraging and extending its key strengths, Iron Mountain expects the acquisition deal to further advance its sustainability strategy.

The acquisition is expected to positively enhance Iron Mountain’s long-term revenue and cash flow growth. Also, it will help address the global challenge of reducing the environmental impact of IT and data center operations.

As of end-September this year, ITRenew’s trailing 12-month revenue had exceeded $415 million.