Saltchuk Acquires Great Lakes Dredge & Dock for $1.5B Enterprise Value
Saltchuk closed acquisition of Great Lakes Dredge & Dock at $17 per share, valuing the deal at an enterprise value of about $1.5 billion. Approximately 79.88% of shares were tendered and Great Lakes will be delisted from NASDAQ, operating as a standalone unit within Saltchuk.
1. Transaction Details
Saltchuk completed its purchase of Great Lakes Dredge & Dock at $17.00 per share in cash, establishing an enterprise value of approximately $1.5 billion. The deal closed April 1, 2026, making Great Lakes a wholly owned subsidiary of Saltchuk Resources.
2. Tender Offer Outcome and Delisting
The tender offer expired on March 31 with 53,738,558 shares validly tendered, representing 79.88% of outstanding stock. Prior to NASDAQ opening April 1, all remaining shares will cease trading and be delisted and deregistered under the Securities Exchange Act.
3. Future Operations and Integration
Great Lakes will operate as a standalone business unit under its existing leadership team. The acquisition adds U.S. dredging services to Saltchuk’s portfolio of over 30 freight transportation, marine services, and energy distribution companies, supporting long-term growth ambitions.