Great Lakes Dredge and Dock Corporation and Saltchuk Resources have entered a definitive agreement for the latter to acquire the dredging services provider. The all-cash transaction is valued at $1.5 billion, with an aggregate equity value of approximately $1.2 billion.
Under the terms of the deal, Saltchuk will launch a tender offer to acquire all outstanding shares of the company for $17 per share. Great Lakes noted this purchase price represents a 25 per cent premium to its 90-day volume-weighted average price as of February 10, 2026.
The board of directors of both firms have unanimously approved the agreement, which Great Lakes described as being in the best interests of its shareholders. Saltchuk stated the acquisition is expected to close in the second quarter of 2026.
“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,” explained Lawrence R. Dickerson, Chairman of the Great Lakes board of directors.
Following the successful completion of the tender offer, Saltchuk will acquire any remaining shares through a second-step merger.
Great Lakes indicated it will operate as a "standalone business" within Saltchuk once the transaction is completed.
The deal is not subject to a financing condition and is supported by fully committed financing from several banks. Upon the finalisation of the merger, the common stock of the company will no longer be listed on the Nasdaq.