Apollo to Buy Frack-Sand Provider US Silica for $1.21 Billion [BNN Bloomberg (Canada)]
Piper Sandler Companies (PIPR)
Last piper sandler companies earnings: 5/1 08:04 am
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Source: BNN Bloomberg
US Silica investors will receive $15.50 in cash for each share of common stock, the company said Friday in a statement. The purchase price represents an 18.7% premium to US Silica's April 25 closing price, according to the statement. US Silica, which provides sand to prop open tiny cracks in oil-bearing rock, is one of the last of the major frack-sand miners to exit the public market. The sand market has gone through several boom-and-bust cycles, with US Silica's chief executive officer referring to a 2022 demand surge as “sandemonium” as prices jumped 150%. Read more: Sand Inflation Hits 150% in Texas Landscape Buried in the Stuff But as the shale patch has aggressively looked to cut costs, the sand-supply industry has also changed. Explorers in the southern US used to get sand via train from Wisconsin during the early days of the shale boom, and have since been able to mine it closer to home in the dusty plains in West Texas. The deal is expected to close in the third quart
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PIPR
Earnings
- 4/29/24 - Beat
PIPR
Sec Filings
- 5/6/24 - Form 144
- 4/26/24 - Form 8-K
- 4/12/24 - Form DEFA14A
- PIPR's page on the SEC website