Blackstone Eyes Reacquisition of Trans Maldivian Airways
Blackstone is in final talks to reacquire Trans Maldivian Airways, eight years after it divested from the amphibious aircraft operator, according to India’s Economic Times. The deal is expected to be worth around USD500 million, a price comparable to what Blackstone received when it sold the carrier in 2017 to Bain Capital LP and Shenzhen Tempus Global Business Services Holdings Ltd.
Trans Maldivian Airways is widely recognized as the world’s largest amphibious aircraft operator, specializing in ferrying guests between resorts scattered across the Maldives. The operator’s fleet, as noted by ch-aviation fleets data, includes fifty-nine DHC-6-300s, three DHC-6-400s, two DHC-6-200s, and one DHC-6-100. These aircraft have become a vital link in the Maldivian tourism sector, connecting remote island resorts with major hubs. The potential reacquisition by Blackstone marks a significant move to re-enter a market that has shown renewed promise as tourism to the Maldives continues to pick up.
Blackstone previously owned Trans Maldivian Airways from 2013 to 2017, a period during which it reportedly achieved a nearly five-fold return on its investment upon selling the carrier. However, the subsequent owners, including Bain Capital and Shenzhen Tempus, were not able to capitalize fully on the increasing passenger flow and revenue potential in the Maldives. The COVID-19 pandemic severely disrupted global travel and tourism, limiting the anticipated growth in the region. Additionally, Trans Maldivian Airways later defaulted on a USD305 million loan, which led to a group of lenders—led by Carlyle Group, along with King Street Capital Management and Davidson Kempner Capital Management—taking control of the carrier in 2021.
The current discussions with Blackstone come at a time when tourism in the Maldives is on the rise, presenting an attractive opportunity for investment in the seaplane business. Despite the growing market, the proposed USD500 million sale price is reportedly at the lower end of the sellers’ expectations, who had initially hoped for as much as USD700 million. Although Blackstone is in advanced stages of negotiations, talks were also held with other private equity groups. Many potential buyers, however, have been cautious, citing the sector’s vulnerability to external shocks as a significant risk factor.
If the reacquisition goes through, Blackstone’s return to the seaplane industry could reshape the competitive landscape in the Maldives. The move would also underline the firm’s long-term confidence in the region’s tourism recovery and growth. For Blackstone, re-entering the market represents not only a strategic investment in a core asset of the Maldivian travel infrastructure but also an opportunity to leverage its previous experience with the carrier.
Industry analysts suggest that this deal could herald a new phase for Trans Maldivian Airways, with fresh capital and strategic guidance potentially driving operational improvements and network expansion. As tourism rebounds and investor sentiment becomes more favorable, the reacquisition by Blackstone may provide the necessary momentum to capitalize on the resurgence of the Maldives as a premier travel destination.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com