NCC Group PLC - Manchester-headquartered IT security company - Completes deal to acquire the intellectual property management unit of Iron Mountain Inc.
Agreed on May 13 to buy the intellectual property management business of Iron Mountain Inc for USD220 million in cash, partly funded by a share issue.
The transaction comprises substantially all of the assets of Iron Mountain Intellectual Property Management Inc, together with some other assets of affiliates of Iron Mountain.
The proposed transaction is expected to provide NCC with a number of financial benefits, it noted, as well as a greater global presence.
NCC previously noted the consideration and all related transaction costs will be funded through a combination of USD99 million gross proceeds of the share placing, USD70 million from a new three-year term facility agreement, existing cash balances of USD10 million, and the balance from the company's existing revolving credit facility agreement.
Current stock price: 307.00 pence
Year-to-date change: up 22%
By Paul McGowan; paulmcgowan@alliancenews.com
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Ncc (NCC)