General – Acquisition
MMA Offshore Limited has confirmed Singapore-based Cyan Renewables has made a bid to acquire the company.
MMA Offshore has entered into a binding Scheme Implementation Deed with Cyan MMA Holdings for Cyan’s proposed acquisition of 100% of the shares in MMA via a scheme of arrangement between MMA and its shareholders.
Cyan is a subsidiary of Cyan Renewables, which is an offshore vessel portfolio company of Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.
If the Scheme is implemented, each MMA shareholder on the Scheme Record Date will receive a cash amount of A$2.60 per MMA share.
The Scheme Consideration values MMA equity on a fully diluted basis at approximately A$1.03 billion.
Cyan intends to retain MMA’s workforce and to utilise and grow MMA’s expertise, assets and operating model to expand further into offshore wind support services while continuing to provide a comprehensive suite of marine and subsea services to its existing clients in the offshore energy and wider maritime industries.
The MMA Board unanimously recommends that MMA shareholders vote in favour of the Scheme at the Scheme Meeting in the absence of a superior proposal and subject to the independent expert concluding in its Independent Expert’s Report (and continuing to conclude) that the Scheme is in the best interests of MMA shareholders. Each MMA Director intends to vote all of the MMA shares that he or she holds or controls in favour of the Scheme, subject to those same qualifications.