Saltchuk Completes $1.5 Billion Acquisition of Great Lakes Dredge & Dock
Key Takeaways
- Saltchuk paid $17 per share in cash for GLDD.
- Enterprise value of the deal is approximately $1.5 billion.
- GLDD becomes a wholly owned Saltchuk subsidiary operating as a standalone unit.
Acquisition Finalized
Saltchuk completed its acquisition of Great Lakes Dredge & Dock at $17.00 per share in cash.
“Saltchuk Resources has finalised its acquisition of Great Lakes Dredge and Dock Corporation (GLDD) on April 1”
The deal brings the United States' largest dredging contractor into family-owned Saltchuk.
Great Lakes will operate as a standalone business unit under its current leadership.
Approximately 79.88% of Great Lakes' outstanding common stock was tendered.
Strategic Fit and Growth
The acquisition diversifies Saltchuk’s portfolio by adding dredging services.
Tabbutt said they have grown to nearly 10,000 team members united by a shared commitment.
Great Lakes CEO described the partnership as a natural alignment of values and vision.
The integration plan emphasizes reinvestment and growth ambitions.
Governance and Financials
Great Lakes became a wholly owned Saltchuk subsidiary, its board replaced, officers retained.
“April 1, 2026 Saltchuk Welcomes Great Lakes Dredge & Dock to Our Family of Companies By: Saltchuk in Featured News, Joining the Family, Marine Services, News Post SEATTLE and HOUSTON– Saltchuk Resources, Inc”
The company repaid and terminated its revolving credit facility with PNC Bank.
Funding involved a blend of cash and incremental debt expected to be repaid through operations.
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