XM Canada, Sirius announce merger

TORONTO – Satellite radio competitors XM Canada and Sirius will merge in Canada, just as their American parent companies did over two years ago.Wednesday’s announcement said that the all-stock merger values the combined company at approximately $520 million, which includes long-term debt of $130 million.Under the terms of the agreement, Sirius Canada shareholders will be issued treasury shares of XM Canada parent Canadian Satellite Radio Holdings Inc. (CSR) representing a 58.0% equity interest in CSR immediately following closing of the transaction. The approximate ownership interest in CSR following closing of the combination transaction will be as follows:- CSRI Inc., an entity controlled by...