BRIEF-Sirius XM Holdings to back Sirius XM Canada's going private transaction

Fri May 13, 2016 6:21am EDT
 
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May 13 (Reuters) - Sirius XM Holdings Inc

* SiriusXM enters into agreement to back Sirius XM Canada's going private transaction

* Siriusxm economic interest in Canadian operations expected to increase to 70 pct

* Following closing of recapitalization, Sirius XM Canada will continue to operate under canadian voting control

* Sirius XM Holdings Inc says expects to contribute approximately US$275 million to facilitate transaction

* Says licensing and services agreements between SiriusXM and sirius XM Canada will be renewed

* Slaight communications,Obelysk Media will own 67 pct of voting shares of Sirius XM Canada,30 pct of economic interest in recapitalized business

* Siriusxm will own 33 pct of voting shares of Sirius Xm Canada

* Under plan, Siriusxm,certain canadian shareholders will form new co to acquire shares of Sirius Xm Canada not already owned by them

* No more than 35.0 million shares of Siriusxm's common stock will be issued in connection with transaction. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)