MMA Offshore Limited, an Australian marine and subsea services provider, has agreed to be acquired by a subsidiary of Singaporean offshore wind energy vessels operator Cyan Renewables in a deal valued at about AUD 1.03 billion (USD 672 million/EUR 620 million) in total equity terms.
MMA, based in Perth, Western Australia, operates a fleet of offshore vessels, offering solutions for energy and offshore renewables projects, governments, and coastal infrastructure. With offices in Singapore, Taiwan, Malaysia, Dubai, and the United Kingdom, the company provides support at every stage of wind farm development and was awarded its first offshore wind contract in 2020.
Under the terms of the agreement, MMA shareholders will receive AUD 2.60 in cash for each share held, representing a 31% premium to the company's average trading price over the past 90 days as of March 22. Following the announcement, shares in MMA closed 10.6% higher at AUD 2.60 in Sydney on Monday.
The proposed transaction, which has been under negotiation since October, has received unanimous approval from MMA's board and is subject to shareholder and regulatory approvals. Cyan Renewables, a portfolio company of energy transition and digital infrastructure-focused fund manager Seraya Partners, has committed to retaining MMA's workforce and expanding its assets and operating model to further penetrate the offshore wind support services sector.
