Deutsche Bank is exploring interest from banks and private credit funds to provide a USD200 million loan to help Blackstone re-acquire Trans Maldivian Airways (TMA), currently valued at under USD500 million, reports Bloomberg.
According to unidentified sources "familiar with the matter", the loan, which could carry an interest rate of 10% or lower, is still under negotiation. Blackstone has yet to mandate the financing formally.
TMA, the world's largest amphibious seaplane operator, has seen multiple private equity investments. In February 2013, Blackstone Group acquired majority stakes in TMA and its competitor at the time, Maldivian Air Taxi (MAT), merging them under the TMA brand. The combined fleet reached 44 seaplanes, retaining the TMA name and MAT's branding.
In December 2017, Bain Capital led a consortium, including the Chinese tourism-focused conglomerate Tempus Group, in acquiring TMA from Blackstone for more than USD500 million.
In 2021, TMA secured a debt restructuring deal that saw Carlyle Group take over a majority stake in the airline from Bain in exchange for taking on the airline's debts of more than USD300 million. Funds affiliated with Carlyle, alongside hedge fund manager King Street Capital Management and investment management firm Davidson Kempner Capital Management, became the majority shareholders. Bain Capital and Tempus retained minority stakes.
In December 2024, Carlyle and its co-investors reportedly revived plans to sell TMA, valuing it at USD500–700 million amid renewed interest from industry players and funds.
TMA has expanded its operations post-COVID-19, now operating 65 seaplanes, according to the ch-aviation fleets module. These include fifty-nine DHC-6-300s, three DHC-6-400s, two DHC-6-200s, and one DHC-6-100. Most of TMA's fleet is company-owned.
The airline operates a B2B model, serving Maldivian hotels and resorts, some requiring dedicated, branded seaplane services.
