A consortium of investors led by Carlyle Group Inc. is exploring a renewed sale of Trans Maldivian Airways Pvt. (TMA), as tourism in the Maldives continues its post-pandemic recovery, Bloomberg reported on Wednesday.
The investor group, which includes King Street Capital Management and Davidson Kempner Capital Management, is working with a financial adviser to gauge interest from potential buyers. These include other industry players and investment funds, the sources said, requesting anonymity due to the private nature of the discussions.
The resurgence of international travel has significantly boosted TMA’s profitability, potentially elevating its valuation compared to a prior sale attempt over two years ago. During that earlier process, reports suggested the seaplane operator could have fetched a valuation between $500 million and $700 million, although a deal failed to materialize.
Deliberations are still in the early stages, and no final decisions have been made, the sources noted.
TMA operates a fleet of 65 DHC-6 Twin Otters, including resort-branded and VIP-configured aircraft, making it the largest seaplane operator globally. The company offers transfer services from the Maldivesโ main international airport to over 80 island resorts, with more than 400 daily flights serving around one million passengers annually, according to its recent press release.
The company has changed hands among private equity players in recent years. Bain Capital and Tempus Group Co. acquired control from Blackstone Inc. in 2017. In 2021, Carlyle became TMAโs majority owner after leading a debt restructuring deal in partnership with King Street and Davidson Kempner.
The renewed sale consideration underscores the recovery of the travel and tourism industry in the Maldives, with strong demand potentially driving new interest in the iconic seaplane operator.
