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    SiriusXM has announced an agreement with SirusXM Canada, where the Canadian satcaster will be going private as its U.S. counterpart increases its stake in the company. The deal is valued at $367 million. The deal will see SiriusXM and controlling shareholder Liberty Media increase its stake in SiriusXM Canada from 37 percent to 70 percent, which gives it approximately 30 percent of its voting shares.

    The rest of its equity and voting stakes will be held by Canadian broadcaster Slaight Communications Inc and private equity firm Obelysk Media. The Canadian Broadcasting Corporation will no longer be a shareholder in Sirius XM Canada following the transaction. According to Reuters, the CBC was SiriusXM Canada’s second-largest shareholder.

    “This proposed transaction shows SiriusXM’s and SiriusXM Canada’s commitment to serving the Canadian market with our leading bundle of premium content, much of which will continue to be created in Canada. The existing Canada-led governance structure will be preserved while vastly improving cooperation between the two companies on next generation products and services that will ensure a healthy future for satellite radio in Canada,” said Jim Meyer, SiriusXM CEO. “While the Canadian Broadcasting Corporation will cease to be a shareholder in SiriusXM Canada following the transaction, it will continue to support the company as a programming provider.”

    SiriusXM expects to contribute approximately $275 million (in U.S. dollars) to facilitate the transaction. Additionally, the licensing and services agreements between SiriusXM and SiriusXM Canada will be renewed and extended upon the consummation of the proposed transaction.

    The deal is subject to approval of the SiriusXM Canada shareholders, receipt of Canadian regulatory approvals, and other customary closing conditions. SiriusXM expects the deal to close no later than the end of the fourth quarter of 2016, upon which time SiriusXM Canada will no longer be a publicly traded stock.

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