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.”
Canucks facing doubters ahead of 2nd
Outbound tourism growth, inbound recovery projected
Polish opponents of abortion march against recent steps to liberalize strict law
China's procuratorate orders arrest of former supreme court judge
Innovative farming fuels efficiency for 'new farmers' in E China's Jiangxi
China's express delivery sector sees double
WEF chair expresses confidence in Chinese economy
3 arrested in NYC after driver strikes pro
2 dead, 3 missing as ship hits bridge in south China
José Raúl Mulino: Panama’s new president
Cyprus suspends processing of Syrian asylum applications as boatloads of refugees continue arriving