Sidley is representing data center life cycle management solutions provider ITRenew, a portfolio company of media and communications private equity firm ZMC, in its acquisition by Iron Mountain Incorporated. Iron Mountain provides storage and information management services, storing and protecting billions of assets. Upon closing, Iron Mountain will acquire 80% of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately US$725 million in cash, with the remaining 20% acquired within three years of closing for a minimum enterprise value of US$925 million. The transaction is expected to close in the first quarter of 2022, subject to regulatory approval and other customary closing conditions. Sidley represented ZMC in its acquisition of ITRenew in 2017, and ITRenew has since achieved significant expansion under ZMC’s ownership, including rapid growth of revenue, executing strategic acquisitions, and institutionalizing operations to meet customer demand.
The Sidley team is being led by Payom Pirahesh, Luke Ashworth, and Cat Zhang (M&A and Private Equity) and includes Dan Clivner, Alex Newland (M&A and Private Equity), and Karin Baca (M&A and Private Equity, not yet admitted to practice); Angela Fontana, Banks Bruce, and Hana Muwaqet (Global Finance); Rachel Kleinberg and Jonathan Westreich (Tax); Benjamin Rosemergy, Lauren Gallagher, and P.C. Wang (Executive Compensation and Transactional Employee Benefits); Karen Kazmerzak and Jamie Sadler (Antitrust/Competition); Alistair Gunn (Capital Markets); Robert Velevis and Stacy Horth-Neubert (Commercial Litigation and Disputes); Maureen Crough and Allen Braddock (Environmental); Sven De Knop, Jen Fernandez, Alessandra Moroni, and Ines Willemyns (Global Arbitration, Trade and Advocacy); Katherine A. Roberts, Susan Fanning, Eric Hoffman, Patrick Casey, Peter McCorkell, and Vera Iwankiw (Labor and Employment); Keith Hayden Del Prete, Jared R. Feldman, and Jonathan Koh (Real Estate); Russell Weiss, Dusan Clark, Summer Danzeisen, and Daphne Chen (Technology and IP Transactions); and Angie Xenakis, Michael Mann, and Alexa Poletto (White Collar: Government Litigation and Investigations).