By Kate Shunney, The Morgan Messenger
BERKELEY SPRINGS, W.Va. — U.S. Silica Holdings, Inc., the owners of the sandmine operation north of Berkeley Springs, have said they are in the midst of an agreement to sell to affiliates of Apollo Funds – a global investment firm.
In a press release issued on April 26, company officials said that the U.S. Silica board of directors has unanimously approved the $1.85 billion sale.
Under an agreement between U.S. Silica and Apollo Funds, current Silica stockholders would be paid $15.50 per share in cash for their common stock. At the last full day of trading before the sale was announced, that stock had a closing price of $13.06, said the press release.
“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,” the release said. “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.”
“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 and invest in innovative capabilities that enable value-added offerings for customers,” said Shinn.
Apollo representatives said they see the purchase as a way to reach “new frontiers” in the industry.
