Saltchuk acquires Great Lakes Dredge & Dock Co

Saltchuk Resources Inc. has completed its $1.5 billion acquisition of Great Lakes Dredge & Dock Corp., which was finalized at $17.00 per share in cash. This transaction, announced by Saltchuk on Wednesday, marks the incorporation of the United States' largest dredging contractor into the Saltchuk group as a wholly-owned subsidiary. Great Lakes will continue to function as an independent entity under its current management.

As part of the acquisition, Saltchuk, a Seattle-based firm known for its diverse portfolio encompassing freight transportation, marine services, and energy distribution, expands its reach into the dredging sector. The tender offer concluded at midnight New York time on March 31, with nearly 80% of Great Lakes' outstanding shares tendered. Consequently, Great Lakes' shares have been delisted from Nasdaq and will no longer be registered under the Securities Exchange Act of 1934.

Saltchuk Chairman Mark Tabbutt expressed enthusiasm about integrating Great Lakes into the company's portfolio, highlighting the combined workforce of nearly 10,000 employees. Tabbutt emphasized Saltchuk's dedication to promoting Great Lakes' growth and reinvestment strategies. Lasse Petterson, Great Lakes' CEO, echoed these sentiments, underscoring the company's commitment to maintaining its leadership in U.S. dredging and offshore energy projects while focusing on long-term strategic growth.

The acquisition broadens Saltchuk's capabilities with Great Lakes' fleet of approximately 200 specialized vessels, which are integral to both domestic and international dredging operations. This move aligns Saltchuk with broader trends in maritime services, where consolidation is prevalent as companies seek to enhance their infrastructure and service capabilities amid growing demand for coastal and marine construction.

Future developments may include further announcements regarding a related debt tender offer, as indicated by Saltchuk. The new ownership is expected to pursue strategic investments to solidify Great Lakes' standing in the sector, capitalizing on their shared culture and commitment to operational excellence.