Bain looking to buy $500 million seaplane operator in the Maldives
Bain Capital LP is in the final stages of bidding for Blackstone Group LP’s seaplane operator in the Maldives, according to people familiar with the matter.
The buyout firm is partnering with Chinese conglomerate Tempus Group Co. in its bid for control of Trans Maldivian Airways Pvt, the people said, asking not to be identified because the matter is private. The consortium has been discussing a valuation of about USD 500 million, though precise terms are still under negotiation, according to one of the people. Blackstone remains in talks with other potential acquirers, the people said.
Trans Maldivian, which owns one of the world’s biggest seaplane fleets, carries visitors from the country’s international airport to luxury resorts on other islands. Blackstone has been exploring options including a possible sale after receiving takeover interest in the company, people familiar with the matter said in September.
Blackstone aims to reach an agreement by the end of the year, according to the people. There’s no certainty the discussions will lead to a transaction, the people said.
Representatives for Bain and Blackstone declined to comment. Tempus Group didn’t answer several calls to its office and an email seeking comment.
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