The board of MMA Offshore, an Australian marine services company, has recommended that shareholders approve a proposed A$1.03 billion (US$672 million) takeover by Singaporean vessel provider Cyan Renewables.
Cyan Renewables – a portfolio company of Seraya Partners, a fund manager focused on energy transition and digital infrastructure – plans to expand further into offshore wind with the acquisition of MMA Offshore, it stated.
It has proposed buying all of the shares in MMA Offshore with a deal that values the Australian firm at A$1.03 billion - a premium of 31% to the company’s average trading price in the 90 days up to 22 March.
The deal could close in mid-to-late July 2024, MMA Offshore stated. The Perth-based company also has offices in Singapore, Taiwan, Malaysia, Dubai and the UK.
Cyan supplies vessels for offshore wind farm construction. It secured a 15-year charter deal with Siemens Gamesa last month, and has previously supplied its vessels to help the manufacturer maintain its turbines at Belgian offshore wind farms.
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