SINGAPORE-based Cyan Renewables has completed its acquisition of Western Australian vessel operator MMA Offshore, making it the Asia Pacific’s biggest platform for offshore wind energy services.
Completion of the deal for $1.1 billion on 25 July marks the region’s largest take-private deal in the offshore wind energy services industry.
MMA shareholders will receive A$2.70 (US$1.78) per share in cash, representing a 36% premium over the 90-day volume-weighted average share price, and EV/EBITDA ratio stands at
6.2x. MMA’s projected EBITDA is A$146 – 149M for FY2024, a more than 110% increase over the previous year’s $69.3M, highlighting MMA’s strong performance and reflecting sustained growth and operational efficiency.
James Chern, Managing Partner and CIO of Seraya Partners, Cyan’s main investor, notes said the new deal is transformative and reflects on the company’s ability to build and create platforms from scratch, spanning from Asia to Europe.
“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.”
The acquisition 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.
Ben Hawkins, AIMCo’s Executive Managing Director, Global Head of Infrastructure, Renewable Resources and Energy Transition, said, “AIMCo is pleased to expand our partnership with Seraya to collaborate on this exciting opportunity to build next-generation infrastructure in Asia.
“As a clear market leader, Cyan is strategically positioned to benefit from the growing offshore wind and marine protection sectors, and this acquisition positions it as an important catalyst in the ‘blue-to-green’ transition of this space.”
Lee Keng Lin, CEO of Cyan Renewables, said the acquisition of MMA is a significant milestone for the future as a leader in the renewable energy space.
“This move strengthens our position in the Asia-Pacific region and solidifies our leadership in the offshore wind industry and energy transition. This acquisition brings extensive maritime services expertise and a strong operational presence in key markets such as Australia and the broader APAC region.”
