NEW YORK (AP) — U.S. Silica has agreed to go private in an all-cash acquisition by Apollo Global Management that values the industrial minerals company at about $1.85 billion.
In a Friday announcement, U.S. Silica said that shareholders would receive $15.50 in cash for each share owned as of the deal’s closing. Once the deal closes, U.S. Silica’s stock will no longer be listed on the New York Stock Exchange.
Founded in the late 1800s, U.S. Silica produces commercial silica used in the oil and gas industry and other industrial applications. It operates 26 mines and processing facilities and two additional exploration stage properties. The Kathy, Texas-based company is still set to operate under the U.S. Silica name and brand, and will continue to be led by its current CEO Bryan Shinn. In a prepared statement, Shinn said that partnering with Apollo will give U.S. Silica “significant resources, deep industry expertise and enhanced flexibility as a private company.”
GOP secretary of state who spoke out against election denialism wins JFK Profile in Courage Award
New Jersey seeks fourth round of offshore wind farm proposals as foes push back
Workers' paychecks grew faster in the first quarter, a possible concern for the Fed
Free child care from higher taxes? These cities subsidize daycare
Judges ask whether lawmakers could draw up new House map in time for this year's elections
In unusual push, funders band together to get out grants around election work 'early'
Lilly rides Mounjaro, Zepbound to better
Chinese coast guard fires water cannons at Philippine vessels in latest South China Sea incident
Tampa Bay Rays reinstate outfielder Josh Lowe from the 10
Shaquille O'Neal kept 'going missing' says ex
Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing