Saltchuk to acquire Great Lakes Dredge & Dock

Freight transportation and marine services company Saltchuk Resources Inc., Seattle, on Wednesday announced it has agreed to acquire the United States' largest dredging contractor, Great Lakes Dredge & Dock Corp., Houston, in an all-cash transaction valued at approximately $1.5 billion.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Saltchuk will commence a tender offer to acquire all outstanding shares of Great Lakes for $17.00 per share in cash. The aggregate equity value is approximately $1.2 billion.

The per share purchase price represents a 25% premium to Great Lakes' 90-day volume-weighted average price as of February 10, 2026, the last trading day prior to the announcement, as well as a 5% premium to the company's all-time high closing price.

"We are pleased to have reached this agreement with Saltchuk that delivers significant value for our shareholders," said Lawrence R. Dickerson, chairman of the Great Lakes board of directors. "After extensive review, we have determined that this transaction is in the best interests of Great Lakes' shareholders as it delivers immediate and certain value at a premium to the Company's all-time high valuation."

"We are happy to join Saltchuk's family of companies who share our unique company culture, with focus on safety and our community, customers and employees," said Lasse Petterson, Great Lakes' president and chief executive officer. "Our long-term growth strategy will continue with a partner who shares our vision while maintaining our leadership position in U.S. dredging and global offshore energy."

Mark Tabbutt, chairman of Saltchuk, said, "We are honored to begin our association with Great Lakes. Our goal is to provide a permanent home for great companies that serve their communities and Great Lakes is a perfect match. We look forward to welcoming the roughly 1,200 Great Lakes employees joining the Saltchuk family."

The closing of the tender offer is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of shares representing at least one share more than a majority of Great Lakes' outstanding shares of common stock. The transaction is expected to close in the second quarter of 2026.

Following the successful completion of the tender offer, Saltchuk will acquire all remaining Great Lakes shares not purchased in the tender offer through a second-step merger at the same price. The company's board of directors unanimously recommends that Great Lakes stockholders tender their shares in the tender offer.

Upon completion of the transaction, Great Lakes will operate as a standalone business within Saltchuk, and its common stock will no longer be listed on Nasdaq.

The transaction is not subject to a financing condition and is supported by fully committed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC.

Guggenheim Securities is acting as exclusive financial advisor to Great Lakes, and Sidley Austin is acting as legal advisor. Evercore is acting as exclusive financial advisor to Saltchuk, and Fried, Frank, Harris, Shriver & Jacobson is acting as legal advisor.