Majority shares of MAT and TMA bought by Blackstone

Private equity company from New York, Blackstone Group has announced that it has bought the majority shares of Maldivian Air Taxi (MAT) and Trans Maldivian Airways (TMA), the two seaplane operators in the Maldives.

A statement issued by Blackstone Group tonight states that the company that would be formed by merging MAT and TMA would have MAT Founder Lars Erik Nielsen and majority shareholders of TMA Champa Hussain Afeef and Lars Petré as members of its board of directors, and that these individuals will also play a significant role in the running of the business.

The price at which the shares were purchased by Blackstone has not been revealed.

TMA was formed in 1988 as Hummingbird, as a provider of helicopter services. In 1998, the company was renamed Trans Maldivian Airways by investors Lars Petré, Hussain Afeef and Mohammed Moosa. It presently operates 20 Twin Otter seaplanes.

Similarly, MTA, which commenced operations in 1992, is the world’s largest seaplane operator today.

Blackstone said that the two airlines together will operate 44 seaplanes, which would make it the biggest Twin Otter operator in the world, and that the investment in a popular tourist destination such as the Maldives would facilitate progress for the company.

Senior Managing Director and Chief Investment Officer at Blackstone Prakash Melwani said that that the Maldives is a unique and highly desirable holiday destination, and that their investment in MAT and TMA would enable them to build a strong partnership with the Maldives.

Blackstone, through its portfolio companies, also manages the largest number of hotel rooms in the world.

Chairman of MAT Lars Nielsen said that they were happy to partner with a world-renowned company such as Blackstone and that the partnership would facilitate expansion of services provided by the company and also be beneficial to the employees and enhance their career growth.

Chairman of TMA Lars Petré said that this partnership with Blackstone, one of the leading private equity firms in the world, would help take their business and tourism in the Maldives to the next level. He said that the Maldivian economy will gain from the presence of one of the world’s largest and most respected investment firms.