Cyan Renewables wraps up deal for MMA Offshore

Singaporean offshore wind energy vessels operator Cyan Renewables on Thursday announced the completion of the AUD-1.1-billion (USD 726m/EUR 670m) deal to acquire MMA Offshore Limited (ASX:MRM), an Australian provider of marine and subsea services to the offshore energy and wider maritime industries.

In a press statement, the acquirer described the investment as the region’s largest take-private deal in the offshore wind energy services industry.

Cyan completed the deal with the support of a group of co-investors, including the Alberta Investment Management Corporation (AIMCo) which made the bet through its investment in Cyan.

Perth, Western Australia-based MMA operates a fleet of 20 offshore vessels, offering solutions to support energy and offshore renewables projects, governments and coastal infrastructure. It has offices in Singapore, Taiwan, Malaysia, Dubai and the UK.

Cyan, which was created in 2022 and is majority owned by Seraya Partners, agreed the transaction in March. A few months later, it sweetened the offer to AUD 2.70 per MMA share from the originally agreed AUD 2.60 apiece.

MMA in a separate statement confirmed the finalisation of the go-private deal. It added that shares in the company were suspended on July 11 and will be formally delisted on Friday, July 26.

“With Cyan's acquisition of Sentinel in the UK [in early 2024] and now MMA in Australia, we are rapidly establishing world-class leaders in new, fast-growing sectors,” said James Chern, managing partner and CIO of Seraya.

(AUD 1 = USD 0.660/EUR 0.609)

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