In a major deal, Singapore-based Cyan Renewables, which operates vessels for offshore wind farms, has announced the acquisition of Australian vessel operator MMA Offshore for a substantial A$1.1 billion ($726 million). This marks the largest takeover in the offshore wind industry in the Asia Pacific region this year.
MMA shareholders will receive A$2.70 per share in cash, representing a premium of 36% over the stock’s 90-day average price. The deal, sweetened by Cyan after an initial offer in March, has been finalized.
Cyan, backed by infrastructure investor Seraya Partners, aims to strengthen its position in the Asia Pacific and solidify its leadership in the offshore wind industry. The acquisition of MMA, with its fleet of 20 vessels and over 1,100 employees across multiple countries, is a strategic move to capitalize on the growing demand for offshore wind energy.
The global wind farm market is experiencing rapid growth, driven by the international shift towards cleaner energy sources. This acquisition positions Cyan as a key player in supporting the transition to a low-carbon economy.
The deal comes on the heels of Cyan’s acquisition of a 75% stake in UK-based Sentinel Marine earlier this year, further expanding its footprint in the maritime sector.
With this acquisition, Cyan aims to leverage MMA’s expertise and assets to accelerate its growth and strengthen its market position in the offshore wind industry.
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