Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, has agreed to be acquired by Saltchuk Resources, a privately held family company with businesses spanning freight transportation, marine services, and energy distribution, in an all cash transaction that values Great Lakes’ equity at approximately $1.2 billion and the total deal at $1.5 billion.
Under the definitive agreement, Saltchuk plans to launch a tender offer to purchase all outstanding Great Lakes shares for $17.00 per share in cash. The companies said the offer price represents a 25% premium to Great Lakes’ 90 day volume weighted average price as of February 10, 2026, and a 5% premium to the company’s all time high closing price. Both boards have unanimously approved the agreement, and Great Lakes’ board is recommending that stockholders tender their shares.
The transaction is expected to close in the second quarter of 2026, subject to customary conditions, including the expiration of the Hart Scott Rodino waiting period and the tender of shares representing at least one share more than a majority of Great Lakes’ outstanding common stock. After a successful tender offer, Saltchuk intends to complete a second step merger to acquire any remaining shares at the same $17 per share price. Once the deal closes, Great Lakes will operate as a standalone business within Saltchuk, and its common stock will no longer be listed on Nasdaq.
The acquisition is not subject to a financing condition. The companies said the deal is supported by fully committed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC.
Guggenheim Securities is serving as exclusive financial advisor to Great Lakes, with Sidley Austin as legal advisor. Evercore is serving as exclusive financial advisor to Saltchuk, with Fried, Frank, Harris, Shriver & Jacobson as legal advisor.
Saltchuk said it makes multi generational investments and provides strategic leadership and resources while maintaining independent operations across its portfolio. The company reported consolidated annual revenue of approximately $5.6 billion and 8,800 employees. Great Lakes, which traces its history back more than 136 years, said it has never failed to complete a marine project, operates a fleet of approximately 200 specialized vessels, and is expanding from its core dredging operations into offshore energy.
KEY QUOTES:
“We are pleased to have reached this agreement with Saltchuk that delivers significant value for our shareholders. After extensive review, we have determined that this transaction is in the best interests of Great Lakes’ shareholders as it delivers immediate and certain value at a premium to the Company’s all-time high valuation.”
Lawrence R. Dickerson, Chairman, Great Lakes Board Of Directors
“We are happy to join Saltchuk’s family of companies who share our unique company culture, with focus on safety and our community, customers and employees. Our long-term growth strategy will continue with a partner who shares our vision while maintaining our leadership position in U.S. dredging and global offshore energy.”
Lasse Petterson, President And Chief Executive Officer, Great Lakes Dredge & Dock
“We are honored to begin our association with Great Lakes. Our goal is to provide a permanent home for great companies that serve their communities and Great Lakes is a perfect match. We look forward to welcoming the roughly 1,200 Great Lakes employees joining the Saltchuk family.”
Mark Tabbutt, Chairman, Saltchuk
