Iron Mountain Acquires U.S. Operations Of IO Data Centers For $1.3B
Storage and information management services leader Iron Mountain Inc. will acquire the U.S. operations of IO Data Centers for $1.3B.
The transaction will include four data centers in Phoenix and Scottsdale, Arizona; Edison, New Jersey; and Columbus, Ohio. The buildings total 728K SF and provide 62 megawatts of capacity with the possibility of further expansion into Arizona and New Jersey.
"We continue to experience strong demand and growth in our data center business, with a focus on establishing a presence in the largest global markets for co-location and enterprise customers," Iron Mountain President and CEO William Meaney said in a statement.
The deal comes on the heels of Iron Mountain’s Fortrust data center acquisition in September, as well as its international expansion that will move forward through the acquisition of two Credit Suisse data centers in London and Singapore. The latest transaction aids in its growth goals and provides exposure to the Phoenix market, which is the 12th-largest data center market in the world.
"Our strategy includes organic expansion within our existing footprint, greenfield development in the largest U.S. markets such as our newly opened campus in Northern Virginia and targeted acquisitions of properties with customer profiles that closely mirror our own," Meaney said.
The deal is anticipated to close in January, subject to regulatory conditions.