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Stephenson Harwood (Singapore) Alliance advises on AU$1.1 billion MMA Offshore take-private
Stephenson Harwood (Singapore) Alliance has co-advised Cyan Renewables on its acquisition of MMA Offshore (MMA), a Perth-based ASX-listed offshore vessel support company, for an implied equity value of AU$1.1 billion. Allens advised on the Australian law aspects of the transaction.
The deal, now approved by MMA’s shareholders, is the largest investment Cyan Renewables has made in the offshore sector since its launch two years ago. It is also one of the largest ever public M&A deals in the decarbonisation space in Asia Pacific. Cyan Renewables is an offshore vessel portfolio company owned by Singapore private equity fund, Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.
MMA has a fleet of 20 vessels operating internationally and has a presence globally including in Singapore, Taiwan, Malaysia, UK, the Netherlands, Belgium, and the United States.
The team was led by shipping and offshore finance partner Jeffrey Tanner, and corporate partners Tom Platts and Jay Tai.
Corporate of counsel Helen Rhind-Hufnagel and associates Christopher Madden and Joel Tan, and shipping and offshore finance associate Anita Gill all provided support on the transaction.
Further Singapore law advice was provided by Virtus Law partner Jason Yang, who was supported by senior associate Angeline Yap and associate Thiyana Ilangchizian. Law firm AKD in Rotterdam advised on matters of Dutch and Belgian law and Scots law advice was provided by Burness Paul. Seward & Kissel provided United States law input. In Asia, Rahmat Lim & Partners provided the Malaysian law advice while Lin & Partners assisted with the Taiwanese law aspects.