News DeskMALÉ, Maldives — Blackstone Group is trying to reclaim a piece of paradise. The private equity giant is closing in on a deal to buy back Trans Maldivian Airways (TMA), the world’s largest seaplane operator, for about $500 million. It’s a familiar move for Blackstone, which owned TMA a decade ago.
If the deal goes through, it will mark the end of a bumpy stretch for TMA. The company ferries tourists from Malé’s Velana International Airport to luxury resorts scattered across the islands. Its fleet of 65 De Havilland Twin Otters is iconic—small planes with pontoons that skim over bright blue lagoons. At its peak, TMA carried more than a million passengers a year. Then the pandemic hit, and the company has struggled ever since.
Tourism is bouncing back now. The Maldives welcomed 1.8 million visitors in 2024, and that number is expected to reach 2 million this year. Blackstone seems ready to jump back in.
TMA’s fleet isn’t fancy, but it’s essential. The rugged Twin Otters are perfect for short flights and water landings. Boats alone can’t keep up with the flow of tourists in a nation like the Maldives. Right now, the fleet includes 65 planes, ranging from older models like the DHC-6-100 to newer DHC-6-400s.
TMA also has its own terminal in Malé, with lounges for high-end resort clients like the Four Seasons. It’s a critical link in the Maldives’ tourism network, which depends on smooth, reliable travel to keep visitors happy.
Blackstone knows this business well. Back in 2013, it bought TMA and Maldivian Air Taxi (MAT), combining the two to form one big operation. By 2017, Blackstone cashed out, selling to a group led by Bain Capital for $500 million—a big return on its initial $98 million investment.
But things took a turn after Blackstone left. When COVID-19 shut down global travel, the Maldives’ tourism-heavy economy collapsed almost overnight. TMA, carrying a $305 million loan, couldn’t keep up. In 2021, its lenders—led by Carlyle Group—took over, converting debt into equity. Bain Capital and China’s Tempus Group kept small stakes but lost control.
The company had to cut jobs, park planes, and wait for tourism to recover. By 2024, it started turning things around, with earnings estimated at $70 to $80 million a year.
Today, TMA’s current owners are ready to sell. They hoped for $700 million but found no takers. Blackstone has stepped in with an offer of $500 million, the same price it sold the company for back in 2017.
The Maldives is a risky market. Another pandemic or political crisis could cause everything to grind to a halt again. But Blackstone seems willing to take the chance, betting on the rebound of global tourism.
Blackstone’s name often gets mixed up with BlackRock’s, but they’re very different companies. Blackstone focuses on owning businesses directly, while BlackRock manages investments for others. The confusion comes up often, though.
Some have wondered if Blackstone’s move is more than just business. The Maldives is in a strategic spot in the Indian Ocean, with China’s Belt and Road Initiative looming in the background. Still, most experts think this is a commercial decision, not a geopolitical one.
If the deal goes through, TMA may see changes. The fleet could be upgraded, operations streamlined, or routes adjusted. For the Maldives, keeping TMA running smoothly is key. It’s not just a tourism operator—it’s a lifeline connecting remote resorts to the rest of the world.
For Blackstone, this isn’t just about seaplanes or passengers. It’s about the enduring allure of the Maldives, where turquoise waters and sandy beaches power an entire economy.
Image courtesy of Trans Maldivian Airways (TMA)
