An affiliate of Apollo funds acquired all of the outstanding shares of U.S. Silica stock. (Source: Shutterstock)
U.S. Silica is officially a private company after closing a $1.85 billion cash deal to be acquired by Apollo Global Management on July 31.
The company, which will no longer trade on the New York Stock Exchange, will continue to operate under the U.S. Silica name and brand and under current management led by CEO Bryan Shinn.
An affiliate of Apollo funds acquired all of the outstanding shares of U.S. Silica stock. Shareholders are entitled to receive $15.50 per share in cash for each share of U.S. Silica common stock owned. The per-share purchase price of $15.50 represents an 18.7% premium to U.S. Silica's closing share price of $13.06 on April 25, the last full trading day before the transaction was announced on April 26.
“The closing of this transaction with Apollo Funds begins an exciting new chapter in the storied history of U.S. Silica,” Shinn said.
“Our ability to take this step from a position of strength is a testament to the company's excellent foundation and the dedication of our employees. We look forward to executing on the growth opportunities in front of us," he said.
Gareth Turner, partner at Apollo, said, the U.S. Silica’s “high-quality reserve base and culture of innovation to provide performance-driven customer solutions, U.S. Silica is a strong platform which we believe we can build on for future success, leveraging our significant industry expertise."
Piper Sandler & Co. acted as a financial adviser to U.S. Silica, and Morrison & Foerster LLP served as legal counsel.
Wachtell, Lipton, Rosen & Katz served as legal counsel and BNP Paribas Securities Corp. and Barclays served as financial advisers to Apollo Funds.
Recommended Reading
Berry Closes Debt Refinancing to Uphold Growth Commitments
2024-12-26 - Berry Corp. closed a debt refinancing agreement to continue its corporate strategy of promoting scale and diversification.
J. Douglas Schick Succeeds PEDEVCO Majority Owner Simon Kukes as CEO
2024-12-12 - Simon G. Kukes, who took over PEDEVCO in 2018, said the company has since worked toward entering joint development agreements in the Permian and Denver-Julesburg basins.
Vistra to Offer Senior Notes for Equity Interest Repayment
2024-11-19 - Vistra Corp. said the proceeds from the offer will be used toward an early payout for the installment purchase of Avenue Capital Management II’s interest in Vistra Vision.
New Fortress Makes Headway on $2.7B Debt Refinancing
2024-11-26 - New Fortress Energy Inc. anticipates raising approximately $325 million in gross proceeds through the refinancing.
Matador Resources Credit Facility Upped by 30% to $3.25B
2024-12-04 - Matador Resources’ 19 lenders unanimously approved a 30% increase to the E&Ps borrowing base to $3.25 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.