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.” |
Xi Focus: Xi Jinping Meets Ma YingChinese pianist Lang Lang honored with Hollywood Walk of Fame starGT Voice: US Treasury yield signals economy in ‘vicious cycle’Commentary: China's proXi Meets National Assembly of Vietnam ChairmanRevealed: The great town hall betrayal. Humza made big promisesCommentary: China's proCommentary: Washington abusing national security concept leads to insecurity for allCIIE: a vivid reality of the world sharing Chinese opportunitiesXi, Lula Send Congratulatory Letters to Seminar Involving CPC, Workers' Party of Brazil