Deutsche Bank Considers $200M Loan for Trans Maldivian Bid
Deutsche Bank is reportedly exploring a $200 million loan to assist Blackstone in re-acquiring Trans Maldivian Airways (TMA), the world’s largest amphibious seaplane operator, which is currently valued at under $500 million. The loan, potentially with an interest rate of 10% or lower, is still under negotiation, and Blackstone has not yet formalized the financing, according to sources familiar with the matter.
TMA has a history of private equity investment. In 2013, Blackstone acquired majority stakes in TMA and its competitor, Maldivian Air Taxi (MAT), merging the two under the TMA brand, growing the fleet to 44 seaplanes. In 2017, Bain Capital and a consortium including Tempus Group purchased TMA for over $500 million. By 2021, TMA underwent a debt restructuring, with Carlyle Group assuming control of the airline’s majority stake and taking on more than $300 million in debt.
In late 2024, Carlyle and its partners resumed efforts to sell TMA, valuing the company at between $500 million and $700 million, amid renewed interest from potential investors. TMA’s fleet has expanded post-COVID, now comprising 65 seaplanes, including various models of the DHC-6. Most of TMA’s fleet is company-owned, and the airline operates a B2B model, providing seaplane services to Maldivian resorts that require dedicated air transport solutions.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com