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- Major Acquisition: Cyan Renewables acquires MMA Offshore for A$1.1B, becoming the largest APAC platform for offshore wind energy services.
- Strategic Expansion: This acquisition strengthens Cyan’s presence in Asia-Pacific, enhancing its capabilities and market position.
- Investor Support: Backed by AIMCo, the deal highlights significant investment in the renewable energy transition.
Cyan Renewables (“Cyan”), Asia’s leading offshore wind services platform, announced its acquisition of Australian offshore marine services provider MMA Offshore (“MMA”) (ASX) for A$1.1B (US$702M). This landmark deal makes Cyan the largest offshore wind energy services platform in the Asia-Pacific (APAC) region, underscoring its pivotal role in advancing net-zero goals.
MMA shareholders will receive A$2.70 (US$1.78) per share in cash, a 36% premium over the 90-day volume-weighted average share price, with an EV/EBITDA ratio of 6.2x.
James Chern, Managing Partner and CIO of Seraya Partners, Cyan’s primary investor, emphasized the transformative nature of the deal:
“This new deal is transformative and reflects our ability to build and create platforms from scratch, spanning from Asia to Europe.“
The acquisition, supported by co-investors including the Alberta Investment Management Corporation (AIMCo), highlights Cyan’s strategic expansion. AIMCo’s Executive Managing Director, Ben Hawkins, stated:
“AIMCo is pleased to expand our partnership with Seraya to collaborate on this exciting opportunity to build next-generation infrastructure in Asia.“
Lee Keng Lin, CEO of Cyan Renewables, celebrated the acquisition as a significant milestone:
“This move strengthens our position in the Asia-Pacific region and solidifies our leadership in the offshore wind industry and energy transition.“
Cyan plans to retain MMA’s workforce, leveraging its expertise, assets, and operating model to further penetrate the global and Asian offshore wind support services market. This includes supporting existing clients in offshore energy and maritime industries, and pursuing growth opportunities through mergers, acquisitions, and organic expansion.
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MMA’s fleet of 20 offshore vessels and extensive operations in the Asia Pacific region will bolster Cyan’s regional presence. David Ross, Managing Director of MMA, expressed enthusiasm about the partnership:
“We are excited to be part of the Cyan Group to accelerate progress in achieving net-zero goals in the maritime industry.“
The deal aligns with the growing demand for renewable energy, as the International Energy Agency (IEA) projects global clean energy capacity must triple by 2030 to meet net-zero emissions by 2050. The wind farm market is set to grow at a CAGR of 21.4% from 2024 to 2034, with significant demand for offshore wind vessels, especially as turbine sizes increase.
Cyan’s acquisition of MMA positions it as a key player in the energy transition, ready to lead the offshore wind sector with innovation and operational excellence.