Singapore’s Cyan Renewables, which specializes in offshore wind farm vessels, announced Thursday that it has acquired Australian counterpart MMA Offshore for A$1.1 billion ($725.67 million).
As stated in a joint announcement by Cyan and MMA, MMA shareholders will receive A$2.70 per share in cash, representing a 36% premium over the company’s 90-day average price.
Cyan, supported by infrastructure investor Seraya Partners, initially proposed A$2.60 per share for MMA in March, increasing the offer last month.
According to LSEG data, MMA’s shares have surged nearly 44% year-to-date, reflecting a market capitalization of $702 million.
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“This move strengthens our position in the Asia-Pacific region and solidifies our leadership in the offshore wind industry and energy transition,” said Lee Keng Lin, Cyan Renewables’ CEO.
The International Energy Agency projects that the global wind farm market will expand at a compound annual growth rate of 21.4% through 2034.
Cyan, which owns, operates, and leases vessels in the offshore wind farm sector, intends to retain MMA’s workforce and utilize its operational framework to enhance its presence in the global market for offshore wind support services.
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According to its website, MMA is headquartered in Perth, Australia, operates a fleet of 20 vessels, and has over 1,100 employees in offices in Singapore, Taiwan, Malaysia, Dubai, and Britain.