Monday March 21 looms as the closing date for submissions to the Australian Competition and Consumer Commission (ACCC) on Iron Mountain’s planned divestment of its existing Australian business, designed to overcome the regulator’s concerns over its A$2.7 billion buyout of Recall Holdings.

The proposed undertaking would involve Iron Mountain divesting its existing Australian business, barring its local records management customers in the Northern Territory as well as its data management business, which will both be merged with the new Iron Mountain Recall business.

Last November the ACCC expressed concern that the Recall takeover would be likely to substantially lessen competition in the Australian market for the supply of physical document management services

Once it has received submissions the ACCC expects to make a decision on the takeover by March 31, 2016. The proposed acquisition is also being considered by competition authorities in the United States, United Kingdom and Canada.

Shaw & Partners analyst David Fraser told the Sydney Morning Herald that the divestment was immaterial in the context of the merger, which would combine the two biggest players globally in document management.

In 2013-14, Iron Mountain and Recall generated just 2.6 per cent of their combined revenue from Australia and New Zealand, Mr Fraser said.

"It is a rounding error," he said.