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$IRM, which provides storage management services, has acquired India-based OEC Records Management for about $18MM. The buyout is in line with Iron Mountain’s objective for growing its presence in emerging markets like India. The acquisition adds 16 facilities in 10 cities.
Storage and information management services company $IRM to acquire the US operations of IO Data Centers LLC for $1.315Bil plus up to $60MM based on future performance and subject to customary adjustments. The transaction is expected to close in Jan. 2018, subject to satisfaction of customary closing conditions.
$IRM has agreed to acquire the China records and information management operations of Santa Fe Group A/S. The acquisition includes five facilities, serving 700 customers with storage volumes of 1MM cubic feet of records and 51,000 data protection assets. The transaction is expected to close later this year.
$IRM announced the opening of a new information management facility in Wichita at 3144 N Ohio St. The 22,000 square foot facility has a total storage capacity of 350,000 records storage boxes and will serve the greater Wichita south Central Kansas business community.
$IRM has been awarded a multi-year contract from the US Patent and Trademark Office to relocate about 4.6MM patent files to its NARA-compliant storage facility. The contract contains a base year of performance running until July 12, 2018, with four additional one-year option periods, and has a value of $6.7MM if all options are exercised.
$IRM agreed to buy two Credit Suisse data centers in London and Singapore, which would expand its data center business internationally. As part of the $100MM transaction, Credit Suisse will enter into a long-term lease with $IRM to maintain their existing data center operations. The transaction is expected to close in 1Q18.
$IRM will acquire Mag Datacenters LLC for approx. $128MM. The transaction is expected to close prior to 3Q17-end. $IRM will fund the deal with a combination of about $73.5MM from a private placement of stock to the seller and $54.5MM in cash. $IRM expects EPS dilution of $0.01-0.02 in 2017 and for the deal to be accretive in 2019 after integration.
The BoD of $IRM declared a cash dividend of $0.55 per share on the common stock and Chess Depository Interests (CDIs) of the company, payable to shareholders of record as on Sept 15, 2017. The payable date for NYSE listed common stock holders is Oct 2, 2017, and that of ASX listed CDIs is Oct 16, 2017.
Storage management company $IRM entered into an agreement to buy Mag Datacenters for about $128MM. The transaction, which is expected to complete prior to the end of 3Q, will be funded with a private placement and cash. The company expects EPS dilution of $0.01-$0.02 in 2017. The deal is expected to be accretive in 2019 following integration.
$IRM's BoD declared 2Q17 cash dividend of $0.55 per share on the common stock and Chess Depository Interests (CDIs), to shareholders of record on June 15, 2017. The payable date for NYSE listed common stockholders is July 3, 2017, and the payable date for ASX listed CDIs is on July 14, 2017.
$IRM priced an offering by way of private placement of EUR300MM of its 3.00% Euro Senior Notes due 2025. Proceeds from the offering of the Notes are expected to be used to repay outstanding borrowings under the company's revolving credit facility.
$IRM announced an offering by way of private placement of EUR300MM of Euro Senior Notes due 2025. Proceeds from the offering of the notes are expected to be used to repay outstanding borrowings under the company's revolving credit facility.
$IRM still expects 2017 revenue growth of 8-10% on constant dollar basis, to $3.75-3.84Bil, adjusted EBITDA growth of 16-19% to $1.25-1.28Bil and adjusted FFO growth of 8-15% to $715-760MM. The company still predicts adjusted EPS of $1.15-1.25, which reflects a 8-18% growth year-over-year.
$IRM posted normalized funds from operations per share of $0.48, compared with $0.53 in the previous year quarter. FFO per share reflects a structural tax rate of 23.1% compared with a structural tax rate of 14% in 1Q16. The company reported adjusted FFO of $170.94MM during the quarter compared with $167.57MM in 1Q16.
$IRM reported a 7.4% decline in 1Q17 earnings due to higher interest expenses as well as a rise in depreciation and amortization expenses from Recall acquisition. Net income fell to $58.13MM or $0.22 per share from $62.77MM or $0.30 per share last year. Revenue grew 25.1% to $938.88MM. Adjusted EPS decreased to $0.24 from $0.33.