Cyan Renewables, an offshore wind services company based in Singapore, has confirmed its acquisition of Australian offshore marine services provider MMA Offshore for AU$1.1 billion (US$702 million). This transaction marks the region’s largest take-private deal in the offshore wind energy services industry, strengthening Cyan's position in the Asia Pacific (APAC) region.
MMA shareholders will receive AU$2.70 (US$1.78) per share in cash, representing a 36 per cent premium over the 90-day volume-weighted average share price, and EV EBITDA ratio stands at 6.2x. MMA’s projected EBITDA is AU$146 million to AU$149 million for FY2024, a more than 110 per cent increase over the previous year’s AU$69.3 million.
The acquisition, which also covers MMA's 20-vessel fleet, was supported by a group of co-investors, including the Alberta Investment Management Corporation (AIMCo). AIMCo, which opened its office in Singapore in September 2023, participated in the MMA acquisition through its investment in Cyan.
Lee Keng Lin, CEO of Cyan Renewables, said the acquisition brings extensive maritime services expertise and a strong operational presence in key markets such as Australia and the broader APAC region.
Cyan plans to retain MMA’s workforce, leveraging and expanding its expertise, assets, and operating model to further penetrate the offshore wind support services market globally and in Asia. In addition to supporting existing clients in the offshore energy and broader maritime industries with its marine and subsea services, Cyan will pursue growth opportunities through mergers and acquisitions and organic expansion.
