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.”
Panera will stop serving 'Charged Sips' drinks after wrongful death lawsuits
Production base of China's large civil unmanned aerial vehicle Wing Loong in Sichuan
Chinese scientists precisely monitor solar radiation on Earth's surface
China launches construction of biomedical platform for disease research
US's largest public utility ignores warnings in moving forward with new natural gas plant
Married Illinois school board official 'posed as wife's veteran EX
PrettyLittleThing billionaire Umar Kamani and new wife Nada host Disney
Mexico tightens travel rules on Peruvians in a show of visa diplomacy to slow migration to US
Excessive nitrogen fertilizer yields less attractive apples: research