WASHINGTON (dpa-AFX) - Iron Mountain Incorporated (IRM) on Wednesday announced that it has completed the acquisition of Regency Technologies, a provider of IT asset disposition (ITAD) services.
The acquisition was made at an initial purchase price of $200 million, which is about 7.5 times the multiple of EBITDA. The purchase price is payable in two parts: $125 million at closing, and the remaining amount due in 2025.
Additionally, a performance-based earn-out is also included in the acquisition agreement, which, if earned, will become payable in 2027.
By leveraging Iron Mountain's vast logistics network, which provides clients with industry-leading information security in IT Asset Lifecycle Management (ALM), the combined platform is well-positioned to establish a distributed footprint that leads the market for IT asset remarketing and recycling.
Furthermore, the integration of both companies is expected to drive value recovery at the end of the IT asset lifecycle and enhance environmental sustainability.
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