On May 25, 2017, Sirius XM Canada Holdings Inc. (the "Company"), the parent of Sirius XM Canada Inc. (“SXM Canada”) that is licensed by the Canadian Radio-television and Telecommunications Commission (the “CRTC”) to provide satellite subscription radio services in Canada, completed a statutory plan of arrangement that resulted in the Company going private with all of its shares being owned by Slaight Communications Inc., Obelysk Media Inc. and Sirius XM Radio Inc. The transaction also resulted in the Company and SXM Canada entering into long term services and advisory services agreements with Sirius XM Radio Inc.
The Arrangement was approved by shareholders of the Company at a special meeting held on August 30, 2016, by the Ontario Superior Court of Justice on September 6, 2016, and by the CRTC on April 26, 2017.
The Arrangement was approved by shareholders of the Company at a special meeting held on August 30, 2016, by the Ontario Superior Court of Justice on September 6, 2016, and by the CRTC on April 26, 2017.
The prior approval of the CRTC was required because of changes in the ownership of shares of the Company. In its approval decision, the CRTC determined that the transaction would result in a change of effective control of SXM Canada and would have a value of $479 million. The CRTC also determined that the transaction would be in the public interest.
Fasken Martineau acted as special regulatory counsel to the Company and SXM Canada in the transaction, with responsibility for securing CRTC approval and ensuring that all agreements relating to the transaction were in compliance with CRTC regulatory requirements. The lead partner of the team was Stephen Whitehead and the other members of the team were partner Scott Prescott and associate Yael Wexler.
