Saltchuk Closes On Purchase Of GLDD

Saltchuk Resources Inc. completed its acquisition of Great Lakes Dredge & Dock Corporation on April 1. The transaction closed for a purchase price of $17 per share in cash and an enterprise value of approximately $1.5 billion.

“We’re proud to welcome Great Lakes to the Saltchuk family of companies,” Saltchuk Chairman Mark Tabbutt said. “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.”

Great Lakes joins Saltchuk as a stand-alone business unit, and it will continue to operate independently under its leadership. The acquisition diversifies Saltchuk’s portfolio, adding dredging services to complement more than 30 other U.S. freight transportation, marine services and energy distribution companies.

“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,” Great Lakes President and CEO Lasse Petterson said. “This partnership represents a natural alignment of values and vision, providing a strong foundation for continued collaboration and success. As we look ahead, we remain focused on executing our long-term growth strategy with discipline and purpose. 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 transaction was previously announced on February 11, and the tender offer for all of the outstanding shares of common stock of Great Lakes for $17 per share, net to the seller in cash, without interest and subject to any required tax withholdings, by Huron MergeCo., Inc., a wholly owned subsidiary of Saltchuk, expired at midnight April 1.

Broadridge Corporate Issuer Solutions, LLC, acting as joint depositary and paying agent for the tender offer, advised that, as of the expiration of the tender offer, approximately 53,738,558 shares of Great Lakes common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 79.88 percent of the issued and outstanding shares of Great Lakes common stock.

As a result of the completion of the transaction, prior to the opening of trading on the NASDAQ on April 1, all shares of Great Lakes common stock ceased trading, and all shares of Great Lakes common stock were delisted from NASDAQ and deregistered under the Securities Exchange Act of 1934, as amended.

Saltchuck Resources, Inc. is a privately owned, multigenerational business with a history of more than 40 years. It is headquartered in Seattle. Great Lakes Dredge & Dock is the largest provider of dredging services in the United States, with approximately 200 specialized vessels. In addition, it has been expanding its business into the offshore energy industry.