Blackstone Seeks $200 Million Loan to Acquire TMA

Mohamed Hilmy

28 March 2025, 00:00

Blackstone, the world's largest alternative asset manager, is seeking a $200 million (MVR 3.1 billion) loan to facilitate its acquisition of Trans Maldivian Airways (TMA), the leading seaplane operator in the Maldives. The loan is being arranged through Germany’s Deutsche Bank, which is currently assessing interest from potential participants willing to support Blackstone’s bid.

TMA, in operation since 1993, manages a fleet of 65 seaplanes and provides vital air transfer services to 80 luxury resorts across the Maldives. The company operates 400 flights daily, making it the world’s largest seaplane operator. Blackstone, which oversees more than $1 trillion in assets, is looking to reacquire the airline for less than $500 million (MVR 7.7 billion), with the loan secured at an interest rate below 10 percent.

The move marks Blackstone’s second attempt at owning TMA. The private equity giant first acquired a controlling stake in 2013 before selling it to Bain Capital and Tempus Group in 2017. Now, the firm is positioning itself to reclaim ownership amid renewed investor interest in the seaplane operator.

TMA has been at the center of acquisition talks in recent years. In December 2023, Bloomberg News reported that a group of investors led by Carlyle Group had explored selling the company, following a failed sale attempt in 2022 that valued TMA between $500 million and $700 million (MVR 10.8 billion).

Blackstone Seeks $200 Million Loan to Acquire TMA

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