In a landmark deal that’s set to reshape the renewable energy landscape, Singapore’s Cyan Renewables has announced the acquisition of MMA Offshore for a staggering A$1.1 billion ($726 million). This strategic purchase marks the largest takeover in the Asia-Pacific offshore wind segment this year, reflecting the growing investor appetite for green energy assets.
MMA Offshore, traded under the ticker MRM.AX, will see its shareholders receiving A$2.70 per share in cash. This offer represents a 36% premium over the company’s 90-day average price, showcasing Cyan’s commitment to the deal. Initially, Cyan had pitched A$2.60 per share in March but upped their game last month to seal the agreement.
As part of the acquisition, MMA Offshore’s shares will be delisted, effective Friday. The Perth-based company has seen its shares soar nearly 44% this year, giving it a market capitalization of $702 million, according to LSEG data. This surge reflects the burgeoning interest in renewable companies as the global push towards zero-emission economies intensifies.
Operating 20 vessels and employing over 1,100 people across Singapore, Taiwan, Malaysia, Dubai, and Britain, MMA Offshore brings considerable heft to Cyan’s portfolio.
The global wind farm market is forecasted to grow at a compound annual rate of 21.4% by 2034, as per the International Energy Agency. Such projections underscore the potential and urgency driving investments in renewable energy sectors.
Cyan’s acquisition was bolstered by a coalition of co-investors, including Canadian investment manager AIMCo, which also holds stakes in Cyan. This collaborative approach highlights the shared vision among investors for a greener, more sustainable future.
This isn’t Cyan’s first foray into international waters. In January, the company acquired a 75% stake in UK-based Sentinel Marine, a maritime environmental response vessel operator. Although financial details of that deal were not disclosed, it signifies Cyan’s broader strategy of global expansion and environmental stewardship.
As the wind continues to blow in favor of renewable energy, Cyan Renewables is charting a course towards a sustainable future, one vessel at a time.
(Source: Marine Link | Offshore Energy | Reuters | LSEG)
