An agreement has been reached between Bain Capital and Blackstone to sell Trans Maldivian Airways for $550 Million.
It has been announced that Bain Capital, based in the United States has teamed up with China’s Tempus Group, who run businesses including tour operator Shenzhen Tempus Global Travel Holdings and TBRJ Funds, to purchase Trans Maldivian Airways (TMA) from Blackstone for 550 Million USD.
The companies will try to cash in on the currently booming high-end leisure travel in the Maldives where TMA currently has a fleet of 49 aircraft and is the largest seaplane operator in the world.
Both parties signed an agreement on Sunday and the official announcement of the deal was made on Monday. The venture will give Bain Capital and Tempus Group 80% of the company’s shares and the minority shareholders and local owners will retain their minimum stake.
Blackstone initially acquired control of the two seaplane operators, Maldivian Air Taxi and Trans Maldivian Airways in 2013 before they merged the two into a single TMA. In 2013 Blackstone paid USD 98 Million for the two companies, making the USD 550 Million sale this week a 4.8 fold return on their four year investment.
HSBC is acting as an adviser in the transaction.