MMA Offshore to be Acquired by Cyan MMA Holdings for AU$2.60 Per Share

Highlights:

• MMA Offshore agrees to an all-cash acquisition by Cyan MMA Holdings at AU$2.60 per share, valuing MMA at AU$1.03 billion, with the deal receiving unanimous board endorsement.
• The offer represents significant premiums over MMA's recent trading prices and net tangible assets, signaling strong confidence in MMA's value and future under Cyan’s stewardship.
• The acquisition aims to bolster Cyan's expansion into the offshore wind sector, promising to retain MMA's workforce and operational framework while leveraging MMA's maritime services expertise.

Strategic Acquisition

MMA Offshore Limited (ASX: MRM) has announced a definitive agreement with Cyan MMA Holdings Pty Limited, a subsidiary of Cyan Renewables backed by Seraya Partners, for an all-cash acquisition valued at AU$2.60 per share. This transaction, structured as a scheme of arrangement, values MMA at approximately AU$1.03 billion, marking a significant premium over recent trading figures.

Premium Offer

The offer represents an 11% premium over MMA's last closing price and a substantial 91% premium to its net tangible assets as of the end of 2023. This move is seen as a strategic expansion into the offshore wind sector, leveraging MMA’s established maritime service capabilities.

Board Endorsement

MMA's board has unanimously endorsed the scheme, urging shareholders to vote in favor, highlighting the offer's attractive premium and the financial certainty it provides. They noted Cyan's intention to retain MMA's workforce and commitments, underscoring the benefits of becoming part of a global leader in the energy transition space.

Scheme Conditions and Approvals

The acquisition is subject to shareholder approval, court endorsement, and regulatory clearances, including from the Australian Foreign Investment Review Board. An independent expert will also assess the deal's fairness to MMA shareholders.

Strategic Implications

This acquisition is poised to create a formidable presence in the energy transition offshore marine sector, with MMA’s assets and expertise playing a crucial role in Cyan's growth strategy. The deal underscores the increasing value and strategic importance of companies contributing to the global energy transition, offering MMA shareholders a lucrative exit strategy while ensuring the company's legacy and workforce continuity.

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