Blackstone buys majority stake Maldives seaplane operator

The two firms provide services to resort islands from Hulhule Airport Island. Found in 1992, MAT is claimed by Blackstone to be biggest seaplane operator in the world. Trans Maldivian Airways, founded in 1989, has more than 20 seaplanes in its fleet. Combined, the businesses will operate 44 seaplanes with more than 100,000 flights annually.

The terms of the deal were not disclosed. The owners of the companies will still retain a stake in the business and serve as directors on the board, Blackstone said in a statement.

"We are excited to partner with MAT and TMA, whose seaplane operations have contributed significantly to the development of resort islands," said Prakash Melwani, chief investment officer of Blackstone's private equity unit.

Located southwest of India, the Maldives has a population of about 400,000 and a group of 1,190 coral islands. Around 198 of the islands, spread across 559 miles, are inhabited. Popular for its "one-island one-resort" concept, the island has seen a surge in tourist arrivals in recent years with 2012 reaching an all-time high of nearly one million visitors.

Deutsche Bank and HSBC served as advisers to Blackstone, while Churchill Capital and Northern Lights Capital advised the sellers.

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