Carlyle to sell Maldives' seaplane operator TMA
Industry sources confirmed that four parties have expressed interest in purchasing TMA.
Reliable sources have confirmed that Trans Maldivian Airways (TMA), a key operator in the Maldives’ tourism sector, is being considered for sale by its current owner, the Carlyle Group.
The investment firm acquired TMA in 2021 and has been in negotiations to sell the airline since mid-last year.
According to a source familiar with the aviation industry in the Maldives, who requested anonymity, “The negotiations have been ongoing for several months.”
The Carlyle Group acquired TMA, the Maldives’ largest seaplane operator, for $550 million from Bain Capital as part of a Covid-related debt restructuring deal.
Industry sources confirmed that four parties have expressed interest in purchasing TMA. One of the interested parties is the Blackstone Group, which previously held a stake in the airline.
Negotiations have reportedly included discussions about valuation. Carlyle is said to be seeking a price of at least $600 million (approximately MVR 9.3 billion). However, sources indicated that Blackstone offered $300 million, leading to a potential impasse in the discussions.
TMA operates a fleet of 65 Twin Otter aircraft, making it the largest seaplane operator in the world. The airline transports tourists to resorts across the Maldives, contributing significantly to the country’s tourism infrastructure.
Investment firms such as the Carlyle Group typically acquire companies with the intention of operating them for a period before exiting at a profit. According to sources, the decision to sell TMA aligns with this strategy, as the group has reportedly achieved its investment goals.
Another factor cited by sources is the recent fluctuation in dollar exchange rates, which has complicated the repatriation of revenue. Increasing competition within the Maldives’ seaplane sector may also influence Carlyle’s decision.
Villa Air is preparing to enter the seaplane market this year, while Maldivian and Manta Air already provide competing services.
TMA has not yet commented on reports of the potential sale.
