Saltchuk Resources has finalised its acquisition of Great Lakes Dredge and Dock Corporation (GLDD) on April 1. The transaction was completed at a purchase price of $17 per share in cash, resulting in an enterprise value of approximately $1.5 billion.
The company stated that GLDD will now operate as a stand-alone business unit under its existing leadership. This addition diversifies Saltchuk’s portfolio, which manages more than 30 other US freight transportation, marine services, and energy distribution firms.
Saltchuk Chairman Mark Tabbutt noted that the firm plans to support the dredging provider's reinvestment and growth ambitions. Lasse Petterson, President and Chief Executive Officer of Great Lakes, described the partnership as, “a natural alignment of values and vision, providing a strong foundation for continued collaboration and success.”
Approximately 79.88 per cent of the issued and outstanding shares were validly tendered before the offer expired at one minute after 23:59 on March 31, 2026. Broadridge Corporate Issuer Solutions reported that about 53,738,558 shares of common stock were included in the final count.
Trading of the shares ceased on the NASDAQ prior to the market opening on April 1, 2026. The stock will subsequently be delisted and deregistered under the Securities Exchange Act of 1934.
Details regarding a previously announced debt tender offer are expected to be provided in a future statement from the company. GLDD indicated it would share further information regarding the status of that offer at that time.