NEW YORK — 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.
U.S. Silica said that the transaction — which has been unanimously approved by its board of directors — is expected to close in the third quarter, subject to regulatory approval and other customary conditions.Fed’s preferred inflation gauge shows price pressures stayed elevated last monthThe agreement also includes a 45-day “go-shop” period that allows U.S. Silica to seek out other proposals until June 10.
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