The American industrial minerals mining company Silica Holdings, Inc. has entered into a final agreement to sell the share capital of one of the largest investment companies Apollo Global Management, Inc. This is reported in the press release of Silic
The transaction value is $1.85 billion ($15.50 per share, which is 18.7% higher than the closing price on April 25, 2024).
The transaction is expected to be completed in the third quarter of 2024, subject to the usual closing conditions, including approval by U.S. Silica shareholders and regulatory authorities.
Upon completion of the transaction, Silica will become a private company, and ordinary shares will be excluded from listing on the New York Stock Exchange. At the same time, the company will retain its previous management and continue operating under the U.S. Silica brand.
The final agreement provides for an acceptance period until June 10, 2024, which allows U.S. Silica to consider alternative acquisition offers from third parties.
Piper Sandler & Co. acts as financial advisor, and Morrison & Foerster LLP is a legal advisor to U.S. Silica. BNP Paribas Securities Corp and Barclays are advisers to Apollo Funds.
Silica Holdings, Inc. is an American global company producing commercial silica used in the oil and gas industry and other sectors. Silica includes subsidiaries EP Minerals and SandBox Logistics. The company has 26 operating mines and processing plants, as well as two additional facilities at the exploration stage in the United States. The headquarters is located in Katy (Texas).
Apollo is a global alternative asset management company. Apollo has assets worth $651 billion. The headquarters is located in New York (USA).
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