# Lufthansa acquisition of TAP Air Portugal stake > Live situation record from CLSTR: https://clstr.news/situations/lufthansa-acquisition-of-tap-air-portugal-stake > Updated: 2026-10-19T13:17:05.000Z. Sources: 27. Developments: 3. The Portuguese government has officially selected Lufthansa to acquire up to a 49.9% stake in the state-owned TAP Air Portugal. The transaction is valued at approximately 1.2 billion euros, comprising 1.025 billion euros for a 44.9% share, 118 million euros for a 5% portion reserved for employees, and 58 million euros in financial adjustments. Lufthansa’s bid outperformed Air France-KLM and includes commitments to maintain the TAP brand, keep headquarters in Portugal, and strengthen Lisbon as an international hub. The group expects to realize annual synergies of up to 450 million euros, driven by enhanced connections to Latin America. To facilitate the transition, Lufthansa will pay a 1.5% annual ticking fee until the transaction is projected to close in the first half of 2028. The deal also outlines significant investments, including a fleet expansion to 130 aircraft by 2035 and developments in aeronautical maintenance and training within Portugal. A second phase of privatization is envisioned, which could allow Lufthansa to acquire a majority stake. In such a scenario, the Portuguese state could receive a 5% equity swap in Lufthansa, potentially generating approximately 20 million euros in annual dividends and making the state a significant shareholder in the global aviation group. However, the acquisition faces potential regulatory hurdles. The European Commission is expected to review the deal for anti-competitive behavior, specifically regarding airport slots and market monopolies. Minister of Infrastructure Miguel Pinto Luz noted that Lufthansa has already engaged with the Commission to prepare necessary remedies. As part of the privatization process, Lufthansa has announced a 500 million euro investment to establish a new pilot school in Tancos, Santarém. This decision has sparked regional debate. ## Claims - Lufthansa was selected to acquire up to 49.9% of TAP. (corroborated by 2 sources) - The total value of the transaction is approximately 1.2 billion euros. (corroborated by 2 sources) - Lufthansa will pay a 1.5% annual ticking fee until the deal closes. (corroborated by 2 sources) - The deal includes a 5% stake reserved for TAP workers. (corroborated by 2 sources) - The transaction is expected to close by the first half of 2028. (corroborated by 2 sources) - The fleet is planned to expand to 130 aircraft after 2035. (corroborated by 2 sources) - Lufthansa expects annual synergies of up to 450 million euros. (single source) - The Portuguese state could receive a 5% stake in Lufthansa through an equity swap in a second phase. (single source) ## Timeline ### 2026-10-19: Lufthansa pilot school investment in Tancos sparks regional debate Lufthansa's 500 million euro investment in a new pilot school in Tancos, linked to TAP's privatization, has sparked regional debate between Tancos and Beja regarding aeronautical development. 12 sources. https://clstr.news/cluster/lufthansa-proposes-500-million-pilot-school-in-tancos-amid-tap-privatization ### 2026-10-17: Lufthansa selected to acquire up to 49.9% stake in TAP Lufthansa has been chosen to acquire up to 49.9% of TAP for approximately 1.2 billion euros, aiming for synergies in Latin American routes and a potential future majority stake. 11 sources. https://clstr.news/cluster/lufthansa-selected-to-acquire-stake-in-tap-air-portugal ### 2026-10-16: Portugal defends TAP sale as Brazil enacts labor reform The Portuguese government defended the TAP Air Portugal sale to Lufthansa, citing a 2.6 billion euro valuation, while Brazilian President Lula defended the end of the 6x1 work scale to protect worker health. 8 sources. https://clstr.news/cluster/portugal-defends-tap-sale-as-brazil-enacts-labor-reform --- Cite as: Lufthansa acquisition of TAP Air Portugal stake. CLSTR, https://clstr.news/situations/lufthansa-acquisition-of-tap-air-portugal-stake