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Sirius XM to go private

Media | 05/16/2016 2:04 pm EDT

Sirius XM Canada Holdings Inc. is going private in a move it plans to close by the end of the fourth quarter of 2016, the company announced Friday. “SiriusXM and certain Canadian shareholders will form a new company to acquire shares of Sirius XM Canada not already owned by them pursuant to a plan of arrangement,” it said in a press release. The company will continue to operate under Canadian control, it added, with Toronto-based Slaight Communications Inc. and Obelysk Inc. owning 67 per cent of the voting shares. Cannacord Genuity analyst Aravinda Galappatthige said in a research note Monday that “the structure satisfies the Canadian ownership requirement.” The deal is subject to CRTC approval, he noted. Sirius XM Holdings Inc., the company’s U.S. division, will have 33...