Privately held Seattle freight transportation, marine service and energy distribution conglomerate Saltchuk said Wednesday that it has agreed to acquire Houston-based Great Lakes Dredge & Dock Corp. for about $1.2 billion cash.
Sidley Austin represented Great Lakes Dredge & Dock with a Chicago-based team led by Scott Williams, John Kelsh and Leigh Rorick. Dallas Partner Kelly Dybala also advised, as did Dallas associates Alejandro Ruiz and Celeste Acevedo, and Counsel Dusan Clark. Vivienne Schiffer is Great Lake’s chief legal officer. Before joining Great Lakes in December 2020, Schiffer served as a corporate and securities partner in Thompson & Knight’s Houston office.
Fried, Frank, Harris, Shriver & Jacobson Partners Philip Richter and Jeffrey Ross in New York and Ryan Messier in Washington, D.C., led the team that represented Saltchuk.
Saltchuk will offer Great Lakes shareholders $17 a share in cash, which represents a 25% premium to the 90-day average of the company’s stock price and a 5 percent premium to its all-time high, according to Saltchuk.
“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,” Great Lakes Chairman Lawrence R. Dickerson said.
The companies expect to close the deal by June 30, pending shareholder approval and customary closing conditions. Upon close, Great Lakes’ shares will no longer be listed on Nasdaq.
Saltchuk said the transaction is fully funded through commitments from Bank of America, Wells Fargo and PNC. Evercore is the company’s exclusive financial advisor, and Guggenheim Securities is Great Lakes Dredge & Dock’s financial advisor.