The proposed deal, which the parties have been negotiating since October, was unanimously recommended by the MMA Board of Directors. The transaction currently requires shareholder and regulatory approval.
Cyan Renewables, a portfolio company of Celaya Partners, a fund manager specializing in energy transition and digital infrastructure, will retain MMA's workforce and acquire assets to further expand into offshore wind support services, according to a statement. The company is working to expand its operating model.
“The MMA Board believes that this plan is in the best interests of shareholders as it provides certainty in the form of cash payments to shareholders while eliminating the risks associated with operating a business in a cyclical industry. MMA Chairman Ian McLiver said.
“The MMA provides Cyan with exposure to Asia and, importantly, Australia, as Cyan pursues an equity investment to create a world-leading energy transition-focused marine offshore business. “There is,” he added.
Founded in 1989, MMA has been instrumental in unifying the industry. The company used acquisitions to expand its international presence and enter the subsea sector. Most recently, it expanded into Taiwan with an acquisition in 2021 and grew subsea with another acquisition in 2022. The company currently operates 20 vessels.
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