SIRIUS and XM to Combine in $13 Billion "Merger of Equals"
XM Satellite Radio and SIRIUS Satellite Radio have entered into an agreement to combine in a tax-free, all-stock "merger of equals" with a combined value of approximately $13 billion. XM shareholders will receive a fixed exchange ratio of 4.6 shares of SIRIUS common stock for each share of XM they own. Also, XM and SIRIUS shareholders will each own about 50 percent of the combined company. The companies say that the merger will provide consumers with enhanced content, greater choices and accelerated technological innovation.
Chief Executive Officer of SIRIUS Mel Karmazin will become Chief Executive Officer of the combined company and XM Chairman Gary Parsons will become Chairman of the combined company.
read | official news release
