In one of the biggest deals in the U.S. marine infrastructure sector this year, Saltchuk Resources, Inc. — a major freight, marine services, and energy distribution company — has agreed to acquire Great Lakes Dredge & Dock Corporation (GLDD) for approximately $1.5 billion in cash.
Under the deal, Saltchuk will pay $17.00 in cash for every outstanding share of Great Lakes — a price that is about 25% higher than the company’s average stock price over the past three months and approximately 5% above its all‑time high closing price.
The agreement has been unanimously approved by the boards of both companies and is expected to be completed in the second quarter of 2026, once regulatory approvals and shareholder acceptance are obtained.
What This Deal Means
- Premium for Shareholders: Great Lakes stockholders get an attractive price for their shares in cash — offering immediate returns.
- End of Public Trading: After closing, Great Lakes’ shares will be removed from the Nasdaq stock exchange, as it becomes a private company within the Saltchuk group.
- Continuing Operations: Great Lakes will continue to operate as a standalone business within Saltchuk, preserving its brand, projects, and workforce.
About the Companies
Saltchuk Resources, Inc.
Saltchuk is a privately held U.S. company headquartered in Seattle. It owns and operates a family of transportation and marine service businesses — including freight carriers, tug and barge companies, and energy support services. The group generates about $5.6 billion in annual revenue and employs around 8,800 people across North America.
Saltchuk’s strategy has been to grow by acquiring established companies and helping them expand without losing their identity or operational strength. The company’s recent major purchase before this deal was Overseas Shipholding Group in 2024 for $950 million.
Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock, based in Houston, Texas, is the largest dredging contractor in the United States. It specializes in dredging waterways, ports, and harbors, helping keep shipping channels deep and navigable. The company also provides marine construction and coastal protection services and has expanded into offshore energy support — including specialized vessels like subsea rock installation ships.
Founded over 130 years ago, the company operates one of the most diverse dredging fleets in the world, with around 200 specialized vessels and contracts with government and private clients.
Why the Deal Is Significant
1. Strategic Growth for Saltchuk
By acquiring Great Lakes, Saltchuk adds a major marine infrastructure player to its portfolio, boosting its presence in dredging, offshore energy support, and coastal development markets. This aligns with its long‑term strategy of investing in businesses that support essential infrastructure.
2. Strong Backlog and Future Projects
Great Lakes entered the deal with a large backlog of ongoing and future contracts — including coastal protection projects, port deepening, and offshore wind energy infrastructure work. Its vessel Acadia, designed for offshore wind support and subsea protection, reflects the company’s diversification into new energy markets.
3. Financing and Structure
The deal is fully financed through major banks including Bank of America, Wells Fargo, U.S. Bank, and PNC — meaning the acquisition does not depend on uncertain financing conditions.
4. Board and Shareholder Support
The boards of both companies have unanimously recommended the transaction. Great Lakes’ board has encouraged shareholders to tender their shares in the offer, highlighting the immediate value it offers.
Possible Investor Concerns
While most investors view the deal positively, some shareholder rights law firms have launched investigations to determine whether the board acted in the best interests of investors or achieved fair value for shares. These investigations are common in large takeovers and aim to ensure transparency and fairness.
Looking Ahead
If the acquisition completes as planned, Great Lakes will operate independently under Saltchuk while benefiting from the financial strength and broader network of a larger parent company. The joining of these two firms is expected to support continued growth in U.S. dredging, coastal infrastructure, and offshore energy markets well into the future.
Quick Summary
- Deal Value: ~$1.5 billion total ($1.2 billion equity)
- Price per Share: $17 in cash (25% premium)
- Expected Closing: Q2 2026
- Stock Status: Delisted from Nasdaq after close
- Business Continuity: Great Lakes will operate within Saltchuk but maintain its brand.
Source: Saltchuk news
