TORONTO – The merger of XM Canada and Sirius Canada is one step closer to fruition after the Competition Bureau proffered its blessing to the proposed union this week.
Canadian Satellite Radio Holdings (CSR), the parent company of XM Canada, said that it was “pleased” by the Competition Bureau’s announcement that it does not intend to make an application to the Competition Tribunal to challenge the proposed acquisition of Sirius Canada by CSR.
"Coming on the heels of last week’s CSR shareholder approval, (the Bureau’s) announcement is another exciting step forward in the process towards the proposed merger”, said CSR executive chairman, John Bitove, in a statement. "We are pleased that the competition bureau recognizes that the combined company will create a stronger Canadian media company that not only provides a platform for future innovation within the audio entertainment industry but will offer a better opportunity for artists to reach new audiences."
The consummation of the merger remains subject to regulatory approvals, (the CRTC hearing is scheduled for March 7), and the successful refinancing of the company’s indebtedness. CSR said that the transaction is expected to close during the third quarter of the company’s 2011 fiscal year.
