A joint venture of China and the US has signed a $500m deal to buy Trans-Maldivian Airlines (TMA).

TMA, which is currently operated by US company Blackstone, is the largest seaplane fleet operator in the world.

The Economic Times of India reported on Tuesday that US company Bain Capital is buying TMA with Chinese conglomerate Tempus Group, which runs tour operator Shenzhen Tempus Global Travel Holdings and TBRJ Funds.

Blackstone in 2013 bought sea plane operators Maldivian Air Taxi and TMA and consolidated the two companies.

Blackstone will reportedly receive 4.8-fold return on a four-year investment once the deal is completed.

HSBC, one of the largest banking and financial services organizations in the world, is an adviser to the transaction.