UPDATE 1-Sirius XM Canada to be taken private by SiriusXM, top Canadian holders

(Adds details on the deal)
May 13 (Reuters) - Sirius XM Canada Holdings Inc XSR.TO
said on Friday that SiriusXM Holdings Inc SIRI.O , its biggest
shareholder, along with two of its top Canadian shareholders
will take the satellite radio service private.
The deal values Sirius XM Canada at about C$472 million
($367 million), based on Reuters calculations.
Sirius XM Canada's shareholders will receive C$4.50 per
share in cash or SiriusXM Holdings stock for each share they
own, representing a premium of 6.4 percent to the stock's
closing price on Thursday.
SiriusXM Holdings said it expects to pay about $275 million
for the transaction, which will increase its stake in Sirius XM
Canada to 70 percent from 37 percent, and give it ownership of
30 percent of its voting shares.
Sirius XM Canada said the rest of its equity and voting
stakes will be held by Slaight Communications Inc and
Toronto-based private equity firm Obelysk Media.
Slaight, a Canadian radio broadcasting company, was Sirius
XM Canada's third-biggest shareholder with a 10.2 percent stake
of as of Dec. 9, according to Thomson Reuters data.
The Canadian Broadcasting Corp, the national public radio
and television broadcaster, will cease to be a shareholder in
Sirius XM Canada following the transaction, said Jim Meyer,
chief executive of SiriusXM Holdings.
The CBC was Sirius XM Canada's second-biggest shareholder
with a 12.5 percent stake of as of Dec. 9, according to Thomson
Reuters data.
Sirius XM Canada said the CBC, Slaight and Obelysk Media,
its three biggest Canadian shareholders, supported the deal.
Much of Sirius XM Canada's content will continue to be
created locally, while the company's existing Canada-led
governance structure will be preserved, said Meyer.
Sirius XM Canada received financial advice from National
Bank Financial Markets and Ernst & Young LLP as independent
valuator, and legal advice from Stikeman Elliott LLP, Blake,
Cassels & Graydon LLP and Fasken Martineau DuMoulin LLP.
SiriusXM's financial adviser is JP Morgan Securities LLC and
its legal adviser is Norton Rose Fulbright Canada LLP.
($1 = C$1.29)