Sirius Canada, XM Canada Announce Merger

Sirius And XM Hook Up In Canada

SIRIUS CANADA and XM CANADA parent CANADIAN SATELLITE RADIO HOLDINGS will follow their U.S. counterparts in merging, with the companies combining in an all-stock deal.  The swap is valued at approximately C$520 million, including C$130 million in long-term debt.

XM CANADA's parent, headed by JOHN BITOVE, is 47% owned by the U.S. firm SIRIUS XM RADIO, which also owns 20% of SIRIUS CANADA with the CBC and SLAIGHT COMMUNICATIONS each owning 40%.  After the merger, which requires CRTC approval, SIRIUS XM will own 37.1% of the Canadian company, with BITOVE holding 22.7% and the CBC and SLAIGHT owning 15% each.

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