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.”
Pennsylvania man sentenced to 30 years in slaying of 14
Rhod Gilbert shares cancer update as he admits he's 'pinching himself' over performing stand
EPA rule bans toxic chemical methylene chloride, toxic solvent known to cause liver cancer
California's population grew in 2023, halting 3 years of decline
Donor fatigue persists as nations commit around $8.1 billion for conflict
Haiti prime minister: transitional council names new leader
Queen Mary and King Frederik are caught in a royal Photoshop row
Dortmund's injury concerns ease before facing PSG in Champions League semifinal
As Atlantic hurricane season begins, Florida community foundations prepare permanent disaster funds
Paris Olympic athletes to feast on freshly baked bread, select cheeses and plenty of veggie options