Trans Maldivian Airways: world’s largest seaplane ariline may be up for sale
A group of Trans Maldivian Airways (TMA) investors is considering selling its stake in what could be the world’s largest sale of a seaplane operator. The company’s valuation would reach up to US$700 million.
Carlyle Group and peers King Street Capital Management and Davidson Kempner Capital Management have held talks with advisors for their divestment of TMA, Bloomberg reports. The Maldives-based company would be worth between $500 million and $700 million. The sale process is just at its first stages, and they have not yet made a final decision. They could eventually decide not to proceed with the company’s exit.
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According to Bloomberg’s sources, industry players and investment funds have shown interest in acquiring the company, founded in 1989. Originally a helicopter operator that shuttled passengers between the airport and various resorts on the islands, Trans Maldivian Airways is the oldest air service provider in the Maldives.
The company is, according to its website, the largest seaplane operator in the world. The airline’s fleet consists of 58 aircraft: fifty-three DHC-6-300s, three DHC-6-400s, one DHC-6-200, and one DHC-6-100. It offers transfer services from Malé International Airport to more than 80 resorts throughout the country and transports more than one million passengers a year.
TMA has been in the hands of investment funds in recent years: Bain Capital and Chinese conglomerate Tempus Group bought the company from Blackstone in 2017. Carlyle, meanwhile, became the majority owner last year after leading a debt restructuring deal alongside other funds.
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