M&A · Energy · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Apollo Global Management, Inc. to acquire U.S. Silica Holdings, Inc.
Announced Apr 26, 2024 · Closed Jul 31, 2024
Deal value$1.85BEV $1.85B
Premium18.7%To unaffected price
EV / Adj. EBITDA4.9x1.3x EV / Revenue
ConsiderationAll cash$15.50 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- U.S. Silica Holdings, Inc.
- Buyer type
- Private equity
- Offer price per share
- $15.50
- Enterprise value
- $1.85B
- Status
- Closed Jul 31, 2024
Deal protections
- Break fee (target pays)
- $41.8M · 2.3%
- Reverse fee (buyer pays)
- $87.3M · 4.7%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BNP Paribas, Barclays
- To the target
- Piper Sandler
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- 18.7% vs. 18.6% sector median
- EV / Adj. EBITDA
- 4.9x vs. 8.1x sector median
- Break fee
- 2.3% vs. 3.0% sector median
Timeline
- AnnouncedApr 26, 2024
- Proxy filedMay 24, 2024
- Definitive proxyJun 11, 2024
- Shareholder voteJul 16, 2024
- ClosedJul 31, 2024
Valuation · fairness opinions
Discounted cash flow$13.00$15.70
Offer $15.50
Implied value per U.S. Silica Holdings, Inc. share by analysis, from Piper Sandler · DCF discount rate 13.3%–14.3%.