Blackstone set to reacquire Trans Maldivian Airways

Blackstone, the world’s largest private equity firm, is in the final stages of reacquiring Trans Maldivian Airways (TMA), nearly eight years after selling it to a consortium led by Bain Capital and Chinese conglomerate Tempus Group.

According to sources familiar with the matter, the deal is expected to be at a price close to what Blackstone originally sold it for. This transaction marks a full-circle moment for TMA, the world’s largest seaplane operator, which has faced financial turbulence, particularly during the COVID-19 pandemic, leading to bankruptcy and debt restructuring.

In 2017, Blackstone made a significant exit from its Asian investments, selling TMA for $500 million after initially investing $98 million. The deal, which included a total investment of approximately $115–$120 million in debt and equity, delivered a 4.8-fold return, making it one of the most profitable exits for Blackstone in the region.

Bain Capital had anticipated strong demand from high-end travelers from Asia and Europe, but the pandemic severely impacted the business. When Bain and Tempus defaulted on a $305 million loan, lenders assumed control of the company, triggering a debt restructuring process. This resulted in a new ownership structure led by a lender consortium including Carlyle, King Street Capital Management, and Davidson Kempner Capital Management (DK). Initially financed by commercial banks such as Deutsche Bank, Nomura, and HSBC, the debt was later transferred to hedge funds and special-situations credit firms. In late 2023, Deutsche Bank was tasked with exploring a sale as tourism began recovering.

According to Rocket Reach, TMA’s annual revenue in 2025 was estimated at $177.9 million, with industry analysts predicting an EBITDA of $70–80 million. Several private equity firms—including Apollo Global Management, CVC Capital Partners, and Carlyle’s buyout division—as well as corporate investors like India’s Tata Group and InterGlobe, were approached regarding potential interest. However, many opted out due to the aviation sector’s vulnerability to external shocks, such as pandemics and economic downturns. Lenders had expected a valuation between $550–700 million, but interest remained muted at those levels.

Blackstone, Carlyle, and DK declined to comment, while King Street Capital did not respond to requests for statements.

Established in 1993 as Hummingbird Island Helicopters, TMA now operates a fleet of 65 DHC-6 Twin Otters, including 13 resort-branded aircraft and two VIP-configured planes. It provides seaplane transfers to over 80 resorts across 16 atolls, conducting more than 400 flights daily. The company plays a crucial role in the Maldivian tourism sector, transporting over a million passengers annually.