Blackstone to recuse from partnership with TMA

  • Various sources put the deal value at at least $1 billion

K. Male' | Rushdha Rasheed | 03-September-2017 | Sunday 17:30 | rushdhar | Business | 1,704

A plane of TMA -- Photo by: google

Several media sources have reported that Blackstone Group is ready to exit the Maldives market.

The buyout firm is exploring possibilities for seaplane operator Trans Maldivian Airways Pvt, including a possible sale, after receiving takeover interest in the company.

Reportedly, Blackstone is working with a financial adviser to gauge interest from potential suitors for Trans Maldivian, which carries visitors from the country’s international airport to their luxury resorts on other islands, sources said.

Various sources put the deal value at at least $1 billion.

The company, which owns one of the world’s biggest seaplane fleets, has attracted interest from private equity firms as well as strategic buyers. No final decisions have been made, and it is still a possibility that Blackstone may decide to keep the business.

Blackstone bought control of two seaplane operators in the Maldives back in 2013. Their combined business operates 46 seaplanes with around 120,000 flights annually, according to Trans Maldivian’s website.

Blackstone is yet to comment on the speculations.

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