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XM Canada Receives Competition Bureau Ruling On Merger

siriusxmcanada

Canadian Satellite Radio Holdings Inc., the parent company of XM Canada, is pleased by today’s announcement from the Competition Bureau that it does not intend to make an application to the Competition Tribunal to challenge the proposed acquisition of Sirius Canada Inc. by Canadian Satellite Radio Holdings Inc. under the merger provisions of the Competition Act.

“Coming on the heels of last week’s CSR shareholder approval, today’s announcement is another exciting step forward in the process towards the proposed merger. We look forward to the next step at the March CRTC hearing,” said John Bitove, Executive Chairman of CSR. “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 the satisfaction of, or compliance with, certain conditions, including receiving all necessary regulatory approvals (together with CRTC approval) and the successful refinancing of the Company’s indebtedness. There can be no assurance that the Company or Sirius will be able to satisfy or comply with these or other customary closing conditions. Details of the Combination Transaction are contained in the Company’s information circular (the “Circular“) dated January 12, 2011, which is available on SEDAR at www.sedar.com.

At the CSR annual general meeting held in Toronto on February 17th, shareholders unanimously approved the merger of XM Canada and Sirius Canada recognizing that a merger of equals will enhance the long-term success of satellite radio in Canada.

The transaction is currently expected to close during the third quarter of the Company’s 2011 fiscal year.