Trans Maldivian Airways (TMW, Malé) is close to being sold to a partnership between US and Chinese private equity investment firms, Bloomberg has reported quoting sources familiar with the matter.
According to the report, Boston-based Bain Capital LP has partnered Shenzhen-based Tempus Group Co. in its bid to acquire the Maldivian seaplane specialist from current owner Blackstone Group LP.
The US-Chinese partnership is discussing a valuation of about USD500 million, though precise terms are still under negotiation. Blackstone, which remains in talks with other potential acquirers, is looking to reach an agreement by the end of the year, the sources added.
In 2013, Blackstone acquired controlling stakes in two Maldives-based seaplane operators – Maldivian Air Taxi (Malé) and Trans Maldivian Airways - before merging them under the Trans Maldivian Airways brand. The carrier currently operates the world's largest fleet of commercial seaplanes employing one DHC-6-100, one DHC-6-200, forty-one DHC-6-300s, and three DHC-6-400s on regular shuttle flights throughout the Maldivian archipelago.
