|Date||8 December 2005|
|Offeror/applicant||IM New Zealand Holdings ULC|
|Ultimate applicant beneficial ownership||100 percent - United States of America, Iron Mountain Incorporated|
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||100 percent|
|- Share proposed||100 percent|
|Offeree(s)/seller(s)||Sirva (Australia) Pty Limited|
100 percent - United States of America, Sirva, Inc.
|Business activities||Transport & Storage - Storage|
|Details of land involved||0.9879 hectares of leasehold situated at 10-12 Autumn Place, Penrose, Auckland being CT NA65C/10 (North Auckland Registry).|
|Consent Sought||To acquire up to 100 percent of the securities of Sirva (New Zealand) Limited.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant is a subsidiary of Iron Mountain Incorporated (Iron Mountain), a company incorporated in the United States of America and listed on the New York Stock Exchange. Iron Mountain is an international full service provider of records and information management services and other related services. Iron Mountain operates in the United States of America, Canada, Europe, and Latin America. The Applicant proposes to acquire 100 percent of Sirva (New Zealand) Limited, which trades as Pickfords Records Management. The acquisition represents an opportunity for Iron Mountain to expand into New Zealand as part of a proposed expansion into the Asia/Pacific region.
The proposal is likely to result in the following benefits:
|Contact||David Gilbert/Michael Ussher|
Minter Ellison Rudd Watts
PO Box 3798