Apollo to Buy Frack-Sand Provider US Silica for $1.21 Billion

Funds managed by affiliates of Apollo Global Management Inc. will buy frack-sand provider US Silica Holdings Inc. for $1.21 billion, the latest in a wave of acquisitions in the shale industry.

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 ...