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.
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