Singaporean offshore wind energy vessels operator Cyan Renewables announced the completion of a AUD 1.1 billion (USD 726 million/EUR 670 million) deal to acquire MMA Offshore Limited, an Australian provider of marine and subsea services.
This transaction marks the region's largest take-private deal in the offshore wind energy services industry, according to Cyan.
The acquisition was supported by a group of co-investors, including the Alberta Investment Management Corporation (AIMCo). MMA Offshore, based in Perth, Western Australia, operates a fleet of 20 offshore vessels and offers solutions for energy and offshore renewables projects, governments, and coastal infrastructure. The company has offices in Singapore, Taiwan, Malaysia, Dubai, and the UK.
Cyan, established in 2022 and majority-owned by Seraya Partners, initially agreed to the transaction in March and later increased its offer to AUD 2.70 per MMA share from the originally agreed AUD 2.60 per share.
MMA confirmed the finalisation of the go-private deal and stated that its shares were suspended on July 11, with formal delisting set for July 26.
“With Cyan's acquisition of Sentinel in the UK 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.
