The merger of Fairmount Santrol Holdings and investor 's Unimin Corp. , the second and third largest oilfield sand suppliers , will see them overtake US Silica Holdings for market share , according to IHS Markit . Fairmount shareholder will get $ 170 million in cash and a 50 % stake in the new company , with Sibelco holders owning the rest . The deal is expected to conclude by the middle of next year . The new company will derive 60 % of its revenues from selling sand to drillers who use it for fracking and the rest from industries outside of oil and natural gas .
The merger of Fairmount Santrol Holdings and Sibelco's Unimin Corp., the second and third largest oilfield sand suppliers, will see them overtake US Silica Holdings for market share, according to IHS Markit. Fairmount shareholder will get $170m in cash and a 35% stake in the new company, with Sibelco holders owning the rest. The deal is expected to close by the middle of next year. The new company will generate 60% of its profits from selling sand to drillers who use it for fracking and the rest from industries outside of oil and natural gas.