Deutsche Bank is in discussions with lenders and private credit funds to arrange a USD 200 million loan to support Blackstone’s potential acquisition of Trans Maldivian Airways (TMA), according to reports by Bloomberg and Private Equity Insights.
The financing package, which remains under negotiation, could carry an interest rate of 10% or lower. Blackstone has not yet officially mandated the funding, and the proposed acquisition—valued at under USD 500 million—is still in its exploratory stage.
TMA, which operates the world’s largest fleet of seaplanes, has experienced a carousel of private equity ownership in the last decade. Blackstone first entered the picture in 2013, facilitating the merger of Trans Maldivian Airways with Maldivian Air Taxi. Since then, ownership has passed through several major firms, including Bain Capital and Tempus Group, before being transferred to a consortium led by Carlyle Group, King Street Capital Management, and Davidson Kempner Capital Management following a debt restructuring in 2021.
The renewed interest by Blackstone, if finalised, would mark a significant return to a company it once helped transform into a dominant player in the Maldives’ tourism-linked aviation sector. While no official announcement has been made, Deutsche Bank’s move to gauge appetite from credit providers signals that early steps are underway for what could be another high-profile deal in the region.
TMA continues to play a critical role in connecting international visitors to luxury resorts across the Maldives, and any change in ownership is likely to draw close attention from the travel and finance sectors alike.
