Hi-Crush buying D&I Silica in $125M deal
HOUSTON (AP) — Hi-Crush Partners will spend about $125 million to acquire D&I Silica in a cash-and-stock deal that will broaden its operations in Midwest.
Hi-Crush produces premium monocrystalline sand, which helps energy companies recover more oil and natural gas during hydraulic fracturing operations. D&I Silica LLC is the biggest independent sand distributor to the oil and gas industry drilling in the Marcellus and Utica shales.
"We are now well-positioned to deliver our high-quality sand where, when and how our customers want it, and at the best price," Hi-Crush co-CEO Bob Rasmus said.
Hi-Crush Partners LP, based in Houston, will spend $95 million in cash and 1.579 million trading units, priced at $19 each.
The acquisition is expected to close in the second quarter.