Iron Mountain to launch Global IT Asset Lifecycle Management business
Iron Mountain will acquire 80 percent of ITRenew from private equity firm ZMC for approximately $725 million in cash, with the remaining 20 percent acquired within three years of close for a minimum enterprise value of $925 million. The transaction is expected to close in the first quarter of 2022.
Founded in 2000, ITRenew provides decommissioning and asset disposal services for data centers while also reselling recovered hardware. Following the close of the transaction, ITRenew will form the platform for Iron Mountain’s Global IT Asset Lifecycle Management business.
Morgan Stanley & Co. LLC, is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal counsel to Iron Mountain. Jefferies LLC is serving as financial advisor, and Sidley Austin LLP is serving as legal counsel to ITRenew.
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