Santa Fe Group sells the Records Management activities in 10 markets to Iron Mountain
3 August 2016: Santa Fe Group A/S has reached an agreement, in the form of a Memorandum of Understanding, with Iron Mountain Inc. whereby the Group’s Records Management activities in 10 markets will be acquired by Iron Mountain against a cash consideration of EUR 27.1m. The divestment is expected to result in a divestment gain of approximately EUR 16m and net proceeds after tax of around EUR 24m.
The transaction will predominantly take the form of an asset transfer and is expected to close towards the end of 2016.
The divestment is in accordance with Santa Fe Group’s strategy to focus on the core mobility services, consisting of the business lines Moving Services and Relocation Services, and divest the remaining non-strategic activities to create optimum value for the Group.