Slaight, Bitove, Sirius XM Radio take Sirius XM Canada private

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By Ted Liu

Sirius XM Canada Holdings Inc. (TSX: XSR), the parent of Sirius XM Canada Inc., has completed its previously announced statutory plan of arrangement, pursuant to which, all of the shares of Sirius XM Canada Holdings were acquired by 2517835 Ontario Inc., a corporation owned by Slaight Communications Inc., Obelysk Media Inc., an entity owned by John Bitove, and Sirius XM Radio Inc.

SiriusXM Canada’s board of directors and special committee received financial advice from National Bank Financial Markets and Ernst & Young LLP as independent valuator and legal advice from Stikeman Elliott LLP, Blake, Cassels & Graydon LLP and Fasken Martineau DuMoulin LLP.

Sirius XM Radio Inc. and Sirius XM Holdings Inc. received financial advice from J.P. Morgan Securities LLC and legal advice from Norton Rose Fulbright Canada LLP.

Following the closing of the arrangement, Slaight and Obelysk Media each owns 33.5% of the issued and outstanding voting shares and 15% of the common shares of new Sirius XM Canada. Sirius XM Radio owned approximately 33% of the voting shares and approximately 70% of the common shares.

Slaight and Bitove also received approximately $63.86 million and $50.88 million in cash, respectively from the sale of large portion of the Class A shares and all of the Class B Shares they held.

photo credit: Sirius XM Radio