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TAP Air Portugal stake sale process

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2026-10-15 12:48 UTC → 2026-10-15 23:04 UTC · added ~~removed~~

Following the submission of final proposals on September 30, 2026, Air France-KLM and Lufthansa entered the concluding phase of the TAP Air Portugal privatization process. On October 13, 2026, the Portuguese government announced that Lufthansa Group was the preferred bidder, with a proposal valued at 1.201 billion euros—approximately 16% higher than the Air France-KLM offer. On October 15, 2026, further details emerged regarding the transaction. Lufthansa intends to acquire a 44.9% stake for an initial sum of roughly 1 billion euros, with the total potentially reaching 1.2 billion euros if the 5% share reserved for employees is also acquired. While the Portuguese state will initially retain a majority stake of approximately 50.1%, the deal includes a mechanism for the progressive distribution of dividends up to 75% and establishes a path toward full privatization. Lufthansa is expected to assume operational leadership and executive control. CEO Carsten Spohr described the acquisition as a “long-term strategic opportunity to expand the group's presence in the South Atlantic market,” noting that the airline could realize annual net synergies of up to 450 million euros. Spohr also reported receiving “positive signals” from three Portuguese unions, including SITAVA and SIPLA, regarding integration and growth. The transaction is expected to be finalized by 2028, subject to final negotiations and regulatory approvals, including a competition review by the European Commission. Meanwhile, Juntos Pelo Povo (JPP) deputy Filipe Sousa has demanded guarantees regarding air connectivity for the autonomous regions of Madeira and the Azores.

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