(Reuters) - Document and data storage services company Iron Mountain Inc IRM.N said it will buy Australia-listed data protection services provider Recall Holdings Ltd REC.AX for about $2.2 billion in cash and stock.
Recall shareholders have the option to receive either 0.1722 Iron Mountain shares or A$8.50 in cash for every share they own.
The total cash consideration cannot exceed A$225 million ($179 million), Iron Mountain said.
Atlanta, Georgia-based Recall rejected an offer of A$7 per share from Boston-based Iron Mountain in December, saying the premium was too low.
Iron Mountain said on Tuesday it would establish a secondary listing on the Australian Securities Exchange once the transaction is completed.
Shares of the company rose 5.5 percent to $38.25 on the New York Stock Exchange.
Recall shares closed at A$7.62 on Tuesday on the Australian Stock Exchange. The deal was announced after close of the Australian market.
Goldman Sachs was the financial adviser and Weil, Gotshal & Manges LLP and Minter Ellison legal counsels to Iron Mountain.
Bank of America and UBS advised Recall.
Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.