China-US company signs USD 550M deal to buy TMA

A China and US joint venture company has signed a USD 500 million deal to takeover Trans-Maldivian Airlines (TMA) – a company which provides sea plane services in Maldives – from US company Blackstone.

TMA is the world’s largest seaplane fleet operator.

The Economic Times of India reports TMA is being bought by US company Bain Capital and Chinese conglomerate Tempus Group. Tempus Group runs multiple businesses including tour operator Shenzhen Tempus Global Travel Holdings and TBRJ Funds.

The newspaper reports Bain and Tempus Group signed the agreement to takeover to buy 80 percent of TMA’s shares last Sunday.

Managing Director of Bain Capital, Jonathan Zhu reported to the newspaper that Bain and Tempus were looking forward to working with the current management, employees and customers of TMA as the company continued to grow and support the booming Maldivian tourism industry.

Blackstone took over two Maldivian sea plane operators Maldivian Air Taxi and TMA in 2013 for USD 98 million. It then consolidated the two companies.

TMA currently has 48 seaplanes in its fleet and caters to around 1 million passengers per year.