U.S.-based Saltchuk Resources is expanding its footprint in the American maritime sector after signing a definitive agreement to acquire Great Lakes Dredge & Dock for $1.5 billion in an all-cash transaction. The deal will take the Nasdaq-listed dredging giant private.
Under the terms of the agreement, Great Lakes shareholders will receive $17.00 per share, representing a 25% premium to the company’s 90-day volume-weighted average share price and approximately 5% above its all-time closing high.
Great Lakes’ board of directors unanimously approved the transaction, which values the company’s equity at approximately $1.2 billion. The acquisition will be financed through fully committed debt facilities provided by Bank of America, Wells Fargo, U.S. Bank, and PNC.
The transaction remains subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the second quarter of 2026. Following completion, Great Lakes will continue to operate as a standalone business within the Saltchuk group, and its shares will be delisted from Nasdaq.
Saltchuk Chairman Mark Tabbutt described the acquisition as a strong cultural and strategic fit:
“We are honored to begin our partnership with Great Lakes. Our goal is to provide a permanent home for exceptional companies that serve their communities, and Great Lakes fits that mission perfectly. We look forward to welcoming approximately 1,200 Great Lakes employees into the Saltchuk family.”
The acquisition further accelerates consolidation in the U.S. maritime services sector, combining Saltchuk’s diversified transportation and energy platforms with Great Lakes’ fleet of approximately 200 dredging vessels and its expanding offshore energy operations.
The deal also follows Saltchuk’s broader maritime expansion strategy. In 2024, the group acquired U.S. tanker operator Overseas Shipholding Group (OSG), strengthening its position across multiple segments of the marine industry.
