Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: U.K. Competition and Markets Authority to investigate Iron Mountain, Recall merger, (Jan 14, 2016)

By Linda O’Brien, J.D., LL.M.

The proposed acquisition of records and information management services provider Recall by Iron Mountain will be referred for an in-depth phase 2 investigation by the Competition and Markets Authority (CMA), the agency announced today.

Both companies supply records and information management services—specifically records management services—which comprise the storage and retrieval of paper and hard copy records, and physical offsite data protection services that involve the storage and retrieval of data and media on tapes/discs. The two companies operate from 59 sites across the U.K.

On December 30, 2015, the CMA announced that it would refer the merger for an in-depth investigation unless Iron Mountain offered acceptable undertakings to address the CMA’s competition concerns regarding the providing of storage records and information management services in the U.K.

After an initial decision identifying potential competition concerns, the acquirer has five working days in which to offer undertakings to address the CMA’s competition concerns in lieu of the reference. Iron Mountain has offered undertakings intended to address the concerns identified. After careful consideration, the CMA was not confident that these undertakings would resolve all the potential in a clear-cut manner.

A decision on the merger will be made by a group of independent panel members supported by a case team of CMA staff.

News: AcquisitionsMergers Antitrust