DEME Saltchuk takes peer Great Lakes Dredge & Dock private for $1.2bn Cash

Saltchuk a privately held US group active in freight transport, marine services and energy distribution, has agreed to acquire Great Lakes Dredge & Dock Corp (GLDD), an US offshore energy and dredging contractor often viewed as a peer to DEME due to its similar infrastructure-focused marine activities.


The deal values Great Lakes at $1.2bn equity and $1.5bn transaction value, with Saltchuk offering US$17.00 per share in cash—a 25% premium to the company's 90-day VWAP and above its all-time high share price.


Great Lakes is one of the largest provider of dredging services in the US, operating both domestically and internationally. In recent years, it has broadened its marine infrastructure portfolio into offshore energy, mirroring the strategic diversification seen at European peers like DEME. Central to this expansion is its new subsea rock installation vessel, Acadia, built to serve the US offshore wind market and capable of deploying protective rock for subsea cables, telecom links and oil & gas pipelines in global markets.


GLDD' management highlighted that the Saltchuk transaction offers certainty and attractive valuation for shareholders. Chairman Lawrence Dickerson noted the deal delivers “immediate and certain value,” while CEO Lasse Petterson emphasized the cultural fit with Saltchuk and the continued commitment to long-term growth in US dredging and global offshore energy.
Saltchuk intends to provide a “permanent home” for Great Lakes, which will continue to operate as a standalone entity post-closing. Upon completion, the company will be taken private and delisted from Nasdaq. The deal is not subject to financing conditions.


As indicated in our Dynamic Top Pick List of 5 February 2026; we will update our Buy rating and 175 Target Price after the FY25 results (26Feb).