Iron Mountain: Iron Mountain Completes Acquisition of XData in Spain, Gets One Data Center in Madrid

Nov 04, 2022 | Posted by Abdul-Rahman Oladimeji

Iron Mountain has announced the acquisition of XData Properties of Spain. The acquisition sees the company take over a data center in Madrid, Spain. Iron Mountain also acquired land in Phoenix, Arizona, and Mumbai, India in a separate acquisition . XData was developing the large data center before it got acquired by Iron Mountain. Iron Mountain revealed that the 645,800 square feet (60,000 square meters) data center currently offers 3MW capacity. It can also be expanded to 79MW upon full buildout over the next 10 years. The company is also currently developing 10MW of capacity.

The CEO of Iron Mountain, Bill Meaney, said: "We are really bullish about that market. Madrid is a market we have wanted to get into for some time. It's not power-constrained like so many other markets in Europe. It also comes with a pipeline of activity from our existing customers who are interested in that market."

The CFO of Iron Mountain, Barry Hytinen, also commented on the transaction. He said: "We closed the Madrid data center transaction early in the fourth quarter for an initial purchase price of $78 million, which is subject to an additional $10 million earn-out."