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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR)
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To: GVTucker who wrote (3252)2/19/2007 2:58:53 PM
From: HEXonX  Read Replies (1) of 3386
 
News for 'SIRI' - (DJ SIRIUS, XM To Combine In $13B Merger Of
Equals>XMSR
SIRI) DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) and SIRIUS Satellite Radio
Inc.
(SIRI) have agreed to combine in a tax-free, all-stock merger of equals
with a combined enterprise value of about $13 billion, including net
debt
of about $1.6 billion.
The satellite radio operators said that, under the terms of the
agreement, XM shareholders will receive 4.6 common shares of SIRIUS for
each share of XM they own.
XM and SIRIUS shareholders will each own about 50% of the combined
company, they noted.
The companies said Mel Karmazin will be chief executive of the merged
entity, while Gary Pasons will be chairman. Karmazin is chief executive
of
SIRIUS. Parsons is XM's chairman.
The companies said they will continue to operate independently until
the
transaction is completed and will work together to determine the
combined
company's corporate name and headquarters location prior to closing.
XM is based in Washington. SIRIUS is based in New York.
-Carolyn King; 416-306-2100; AskNewswires@dowjones.com

(END) Dow Jones Newswires February 19, 2007 14:57 ET (19:57 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 02 57 PM EST
02-19-07Source: DJ Broad Tape
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