U.S. Silica signs $1.85 bln go-private deal with Apollo (updated)

US Silica Holdings

26/04/2024 12:12

(Adds details)
       April 26 (Reuters) - Industrial minerals company U.S.
Silica Holdings  SLCA.N  has signed a deal to be acquired by
funds managed by affiliates of investment firm Apollo  APO.N  in
a $1.85 billion deal, it said on Friday. 
    Under the terms of the agreement, U.S. Silica's stockholders
will receive $15.50 per share in cash for each share of common
stock, representing a 18.6% premium to Silica's last close.
    "By partnering with Apollo Funds, we gain significant
resources, deep industry expertise and enhanced flexibility as a
private company to pursue the many market opportunities in front
of us," said Bryan Shinn, U.S. Silica's chief executive officer.
    The transaction is expected to close in the third quarter of
2024.
        
  

 (Reporting by Seher Dareen in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))