Iron Mountain Completes $250 Million Prepaid Variable Share Repurchase Program
Tuesday, August 02, 2011
Boston, MA – August 2, 2011 – Iron Mountain Incorporated (NYSE: IRM), the information management company, today announced that both of its prepaid variable share repurchase agreements have settled and that 7.5 million shares have been delivered to the Company and retired. This is another significant step towards the Company’s commitment to return $2.2 billion to shareholders through 2013 with $1.2 billion coming in the first year through May 2012. The shares were purchased over the three-month life of the agreements, originally entered into on May 3, 2011, at an average price of $33.16 per share for an aggregate total of $250 million. Through July 29, 2011, the Company has repurchased an aggregate of 12.7 million shares for a total cost of approximately $372 million over the life of its repurchase program, which began in the first quarter of 2010. The Company has approximately $828 million remaining under the existing authorization for future share repurchases as of July 29, 2011.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organizations lower the costs, risks and inefficiencies of managing their physical and digital data. The Company’s solutions enable customers to protect and better use their information—regardless of its format, location or lifecycle stage—so they can optimize their business and ensure proper recovery, compliance and discovery. Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organizations around the world. Visit ironmountain.com for more information.