Sirius Canada completes C$500 million merger with XM Canada
June 21, 2011
500.00 Million CAD
On June 21, 2011, Canadian Satellite Radio Holdings Inc. (carrying on business as XM Canada) and Sirius Canada Inc. (carrying on business as Sirius Canada) completed a combination transaction pursuant to which XM Canada acquired all of the issued and outstanding shares of Sirius Canada.
The former shareholders of Sirius Canada received shares of XM Canada from treasury which represented an approximate 58% equity interest in XM Canada, on a partially diluted basis, immediately following closing.
The combined enterprise value of XM Canada and Sirius Canada was in excess of C$500 million.
Sirius XM Canada, headquartered in Toronto, Ontario, is a radio broadcasting company, which operates as a Canadian affiliate of Sirius XM Radio.
McCarthy Tétrault LLP acted as special regulatory counsel to Sirius Canada, with a team that was led by Bram Abramson and Grant Buchanan.