Saltchuk Resources Inc., Seattle, announced on Wednesday that it has completed its acquisition of Great Lakes Dredge & Dock Corp., Houston, for $17.00 per share in cash, at an enterprise value of approximately $1.5 billion.
The deal brings the United States’ largest dredging contractor into family-owned Saltchuk as a wholly owned subsidiary. It will operate as a standalone business unit under its current leadership.
For Saltchuk, the acquisition expands its portfolio of more than 30 U.S. freight transportation, marine services, and energy distribution companies, it said.
"We're proud to welcome Great Lakes to the Saltchuk family of companies," said Saltchuk Chairman Mark Tabbutt. "With Great Lakes, we have grown to nearly 10,000 team members united by a shared commitment: delivering safe, responsible, and reliable service to the communities we serve. We look forward to supporting Great Lakes' reinvestment and growth ambitions for generations to come."
The tender offer, conducted through Saltchuk subsidiary Huron MergeCo. Inc., expired at one minute after 11:59 p.m. New York City time on March 31. Approximately 53,738,558 shares — roughly 79.88% of Great Lakes' outstanding common stock — were validly tendered. Following completion of the transaction, Great Lakes shares ceased trading on Nasdaq prior to the market open today and will be delisted and deregistered under the Securities Exchange Act of 1934.
Great Lakes owns and operates a fleet of approximately 200 specialized vessels, including trailer suction hopper dredges, cutter suction dredges, mechanical dredges, drillboats, barges, tugboats, multicats, and other workboats, that support both domestic and international dredging projects.
"Joining Saltchuk's family of companies is a proud moment for us, as it is an organization that shares our deeply rooted culture and unwavering commitment to safety, to the communities we serve, our valued customers, and our dedicated employees," said Lasse Petterson, Great Lakes' president and chief executive officer.
"As we look ahead, we remain focused on executing our long-term growth strategy with discipline and purpose," Petterson continued. "At the same time, we are committed to maintaining and enhancing our leadership position in U.S. dredging, the global offshore energy sector, and continuing to deliver excellence and innovation across all aspects of our business."
The deal was originally announced Feb. 11. Saltchuk said additional details regarding a related debt tender offer would be provided at a later date.
