The completion of the transaction is subject to customary closing conditions. Closing is expected before the end of September.

Commenting on the proposed divestment, Grahame Gibson, Regional CEO for G4S Americas said:

“Our Secure Data Solutions business in Colombia is a very successful organic growth story. The business has become the market leader as a result of strong and focused management combined with sound growth and performance over the past several years.

As we continue to shape our portfolio of businesses, we are focusing in areas that are within the core skills of the group - where security and safety are key - and where we can achieve the best return on our investment. With this in mind, we have decided to focus our financial and human resources in Colombia on manned security, cash solutions and security systems which we believe will continue to be high growth, long-term sustainable markets.

We believe that the divestment to Iron Mountain provides a sustainable future for both our employees and customers in Colombia. Iron Mountain is a leader in this field but does not currently operate in Colombia. This transaction represents their entry to this important Latin American market.”

G4S and Iron Mountain will be working with customers and employees and their representatives to ensure a smooth transition.