Saltchuk to Acquire Great Lakes Dredge & Dock for $1.5 Billion
Saltchuk Resources has agreed to acquire Great Lakes Dredge and Dock Corporation for $1.5 billion in cash. Great Lakes, the largest U.S. dredging service provider, has a fleet of approximately 200 vessels and a dredging backlog of $934.5 million. The acquisition includes a $17 per share cash tender offer, representing a 25 percent premium over its average price. The deal is expected to close in Q2 2026, subject to regulatory approval.
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Saltchuk Resources will acquire Great Lakes Dredge and Dock Corporation for $1.5 billion. This all-cash deal values the company at $17 per share, a 25 percent premium to its 90-day average price. Great Lakes operates a fleet of about 200 vessels and has a dredging backlog of $934.5 million.
Major ongoing projects include the Port Arthur LNG Phase 1 in Texas and the Brownsville Ship Channel. The acquisition is expected to close in Q2 2026 pending customary conditions. Saltchuk, based in Seattle, has annual revenues of around $5.6 billion and a diverse portfolio in marine services.
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