After an extensive, politically charged privatization process, the Portuguese government has selected the private company that will acquire a stake in its national airline, TAP. The choice has fallen on the German group Lufthansa, which will acquire a 44.9% stake in TAP Air Portugal. The German group’s financial offer is valued at no less than 1.025 billion euros—16% higher than its main bidder competitor, Air France-KLM.
The transaction involves the sale of a 49.9% stake in TAP Air: 44.9% will be acquired by Lufthansa, while 5% will go to the airline’s employees. The Portuguese state will retain the remaining 50.1% of the capital. As was the case with similar deals—such as the sale of Iberia to the IAG group—a non-negotiable condition of this privatization is the preservation of the airline’s Portuguese national identity. This includes retaining its brand and headquarters in Portugal, as well as its hub in Lisbon, which is expected to gain greater significance as a result of this deal.
Ultimately, this is good news for the commercial aviation sector in our neighboring country, as well as for various airports across the Iberian Peninsula, which will see their growth bolstered by investments such as this one.
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