Itel agreed to acquire Great Lakes International.

The San Francisco-based firm reported that it had entered into a definitive merger agreement whereby one of its subsidiaries will acquire all of the outstanding shares of common stock of Great Lakes for $62.50 in cash. Itel currently owns 27.2% of the outstanding common shares of Great Lakes and, pursuant to the merger agreement, has been granted an option to purchase an additional 18.4% at the merger price. Itel is a transportation equipment leasing company. Great Lakes, headquartered in Oak Brook, Ill., is a dredging and marine construction company.