SiriusXM Canada Privatization Plan Gets Court Approval
September 6, 2016 at 8:33 AM (PT)
SIRIUSXM CANADA's plan to go private has been approved by the ONTARIO Superior Court of Justice (Commercial List), clearing another hurdle towards completing the deal. The court issued a final order approving the arrangement, under which 2517835 ONTARIO INC., owned by SIRIUS XM RADIO (U.S.), SLAIGHT COMMUNICATIONS, and OBELYSK MEDIA, will buy up all outstanding shares of the Canadian satellite radio provider. The U.S. entity will own 70% of the economic interest and 33% of the votes, and SLAIGHT and OBELYSK holding 30% of the economic interest and 67% of the votes.
"The Court's approval for our proposed recapitalization go-private transaction builds on the strong shareholder voting support we received last week, bringing us another step closer to finalizing the transaction," said President/CEO MARK REDMOND. "With the final order in hand and our shareholder approval in place, we will continue to work to secure the necessary CRTC regulatory approval to close the transaction in a timely fashion."