The proposed transaction, which the parties have been negotiating since October, has been unanimously recommended by MMA’s board. The deal now requires shareholder and regulatory approvals.
Cyan Renewables, a portfolio company of energy transition and digital infrastructure-focused fund manager Seraya Partners, has committed to retaining MMA’s workforce and growing its assets and operating model to expand further into offshore wind support services, according to the statement.
“The MMA Board believes that the scheme is in the best interests of shareholders, providing certainty in the form of a cash payment to shareholders while removing the risks associated with operating in a cyclical industry,” said MMA Chairman Ian Macliver.
“MMA provides Cyan with exposure to Asia and, importantly, Australia as Cyan pursues equity investment to create a leading global energy transition-focused offshore marine business,” he added.
Started in 1989, MMA has been a consolidator in the industry. It used acquisitions to expand its international presence as well as to enter the subsea sector. Recently, in 2021 it expanded into Taiwan with an acquisition, and in 2022 grew in subsea with another acquisition. The company currently has 20 vessels in service.
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