Bain Capital is set buy the world's largest seaplane fleet operator Trans Maldivian Airways (TMA) from Blackstone for USD 550 million in an attempt to cash in from the booming high-end leisure travelers heading to Maldives.
USA's Bain Capital has teamed up with China's Tempus Group which runs businesses including tour operator Shenzhen Tempus Global Travel Holdings and TBRJ Funds, for the acquisition of TMA.
Both parties sat to sign on the agreement on Sunday while an official announcement of the deal was made a day later on Monday.
The joint venture by Bain and Tempus will take up 80% of the company's shares while the minority shareholders and local owners of the company will still retain their minimum stake.
Upon conclusion of the arrangement, Blackstone will make its biggest exit from Asia region with a 4.8 fold return on their four year investment.
Back in 2013 Blackstone had acquired control of two seaplane operators, Maldivian Air Taxi and Trans Maldivian Airways for USD 98 million and combined the two into one. Currently boasting a fleet of 48 aircraft carrying as many as 960,000 passengers in 150,000 flights annually.
It has been confirmed that HSBC is acting as an advisor in the transaction.
