U.S. Silica To Be Taken Private By Apollo In $1.85 Bln Deal

(RTTNews) - Industrial minerals company U.S. Silica Holdings, Inc. (SLCA) announced Friday that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo (APO) in an all-cash transaction that values the Company at an enterprise value of approximately $1.85 billion.

Under the terms of the agreement, U.S. Silica stockholders will receive $15.50 per share in cash for each share of common stock owned as of the closing of the transaction. The per share purchase price of $15.50 represents a 18.7% premium to U.S. Silica's closing share price of $13.06 on April 25, 2024, the last full trading day prior to the transaction announcement

Upon completion of the transaction, the Company's common stock will no longer be listed on the New York Stock Exchange, and the Company will become a private company. U.S. Silica will continue operating under the U.S. Silica name and brand and will continue to be led by Bryan Shinn and the current executive team.

The transaction, which has been unanimously approved by U.S. Silica's Board of Directors, is expected to close in the third quarter of 2024, subject to customary closing conditions, including approval by U.S. Silica stockholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.

The definitive agreement includes a 45-day "go-shop" period that will expire at 12:01 AM ET on June 10, 2024.