Iron Mountain Incorporated recently finalized its ITRenew acquisition, a critical data center lifecycle management solutions leader, a press release reported.
“One of the strategic cornerstones of the ITRenew transaction is that it advances Iron Mountain’s position in asset lifecycle management and accelerates our enterprise growth trajectory,” said William Meaney, president and CEO of Iron Mountain. “With ITRenew, we can maximize the lifetime value of data center technology through innovative circular economic models, helping our customers achieve both financial and sustainability benefits. We are thrilled to welcome everyone at ITRenew to the Iron Mountain team.”
With this transaction, Iron Mountain will secure 80% of the outstanding shares of ITRenew on a cash- and debt-free basis for an estimated $725 million in cash.
The remaining 20% were acquired within three years of closing at a minimum enterprise value of $925 million.
As this acquisition closes, ITRenew will work to serve Iron Mountain’s Global IT Asset Lifecycle Management.
“The combination significantly enhances the company’s ability to provide end-to-end services for the hyperscale, corporate data center and corporate end user device segments,” a recent press release explains. “Iron Mountain will build on this strategic platform and accelerate enterprise growth by leveraging its global customer.”