Seraya Partners-backed Cyan Renewables, an offshore vessel portfolio company, agreed to acquire MMA Offshore, a provider of marine and subsea services, for $671m. “There has been increased interest in MMA as our strategy to diversify our operations and deleverage the business, together with our improved earnings, has seen the share price rise more than 80% over the past 5 months. We have been in discussions with Cyan since October 2023 and the Board has now reached the required level of confidence to enter into the Scheme Implementation Deed. We believe Cyan’s offer provides compelling value for MMA today, representing a 31% premium to the 90- day volume weighted average share price, a 91% premium to the Company’s net tangible asset value and a 7.7x earnings multiple based on annualised first half FY24 EBITDA. The MMA Board believes that the Scheme is in the best interests of shareholders, providing certainty in the form of a cash payment to shareholders while removing the risks associated with operating in a cyclical industry," Ian Macliver, MMA Chairman.