"Cyan Renewables Acquires MMA Offshore: Singapore Meets Australian Shipping"

02 Aug, 2024

"Cyan Renewables Acquires MMA Offshore: Singapore Meets Australian Shipping"

Cyan Renewables, based in Singapore, has acquired Australian offshore marine services provider MMA Offshore for A$1.1 billion (US$702 million). This acquisition is the largest take-private deal in the Asia Pacific (APAC) offshore wind energy sector and strengthens Cyan’s leadership position in renewable energy services. MMA shareholders will receive A$2.70 (US$1.78) per share, a 36% premium over the average share price, reflecting a strong operational performance and growth potential.

James Chern of Seraya Partners, Cyan’s main investor, highlighted the transformative nature of the deal, noting its role in expanding Cyan’s global presence. The acquisition, supported by co-investors including Alberta Investment Management Corporation (AIMCo), positions Cyan as a leader in the offshore wind sector and the broader energy transition. AIMCo’s Executive Managing Director, Ben Hawkins, emphasized Cyan’s strategic advantage in the growing offshore wind and marine protection sectors.

Cyan CEO Lee Keng Lin stated that the acquisition enhances Cyan’s position in the APAC region and solidifies its offshore wind industry leadership. The acquisition of MMA will leverage Cyan’s expertise in offshore wind farms and maritime services, facilitating global expansion and supporting net-zero goals. MMA’s fleet of 20 vessels and deep regional operations will complement Cyan’s capabilities, driving innovation and operational efficiency in the maritime industry.