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.” |
World Cup woes deliver home truthsMessi makes the difference in Miami's latest thrill rideDjokovic finds his winning rhythmDjokovic finds his winning rhythmChinese carriers cut losses in 2023, aim for return to profit this yearXi Visits Forest Farm in China's Northernmost CityXi to Address Global Trade in Services Summit of CIFTISBig Chinese companies brighten 2024 CESXi Stresses Striving for Full Revitalization of Northeast ChinaXi Replies to Letter from Customs Workers