Saltchuk Resources is expanding its US maritime footprint with a definitive agreement to acquire Great Lakes Dredge & Dock for $1.5bn in an all‑cash transaction that takes the Nasdaq‑listed dredging giant private. Under the deal Great Lakes shareholders will receive $17.00 per share, a 25% premium to the company’s 90‑day VWAP and a 5% premium to its all‑time high closing price.
The board of Great Lakes unanimously approved the transaction, which values the company’s equity at roughly $1.2bn and is financed by fully committed lending from Bank of America, Wells Fargo, U.S. Bank and PNC. The tender offer must meet customary conditions, including Hart‑Scott‑Rodino clearance, and is expected to close in Q2 2026. After completion Great Lakes will operate as a standalone business inside Saltchuk and its shares will be delisted.
Saltchuk’s chairman Mark Tabbutt framed the deal as a cultural fit: “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.”
The acquisition deepens consolidation in US marine services, pairing Saltchuk’s diversified transport and energy platforms with Great Lakes’ 200‑vessel dredging fleet and growing offshore energy activity. In 2024, Saltchuk bought out US tanker firm Overseas Shipholding Group (OSG).
