Global marine and subsea services company MMA Offshore in A$1 billion buyout by private equity backed Cyan Renewables

March 26, 2024

Thomson Geer is advising leading marine and subsea services company MMA Offshore (ASX:MRM) on its proposed acquisition by Cyan Renewables for A$1.03 billion.

MMA operates 20 vessels around the world supporting energy and offshore renewables projects, governments and other coastal infrastructure. The company is based in Perth, Western Australia, with offices in Singapore, Taiwan, Malaysia, Dubai and the United Kingdom.

Cyan Renewables is Asia's first dedicated offshore wind vessel operator based in Singapore and owned by Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.

Thomson Geer is advising MMA on all aspects of the transaction which will see Cyan acquire all of MMA's shares by way of scheme of arrangement. This includes implementation, the court approval process, diligence, tax and Foreign Investment Review Board advice.

The Thomson Geer team was led by Partner Hedley Roost who said: "The proposed acquisition is the culmination of a remarkable turnaround story for MMA. We are delighted for our valued client and its standout Board and management team.  

"The company's recent share price appreciation and bid price are recognition for all of their hard work. The transaction is emblematic of the energy transition as MMA has pivoted to focus on the offshore wind market."

The Thomson Geer team included Partners Michael Bowen and Cameron Forbes, Special Counsels Cameron Bill and Helen Jin, Associate Lawrence Ward and Lawyer Imogen Farmer.

Rothschild & Co is acting as financial adviser to MMA and UBS is acting as financial adviser to Cyan.

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