Lufthansa to acquire 44.9% stake in TAP Air Portugal for €1.2 billion
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Lufthansa Group will purchase a 44.9% non‑controlling share in TAP Air Portugal for about €1.2 billion, outbidding Air France‑KLM, with the Portuguese government retaining majority ownership.
Deal details
Lufthansa will hold a 44.9% stake in TAP Air Portugal, paying €1.2 billion for the non‑controlling shareholding. The offer exceeded Air France‑KLM's bid by 16%. The investment will raise TAP's fleet to up to 130 aircraft and strengthen its presence at Porto airport and Lisbon.
Government role
The Portuguese government will remain the majority shareholder and has set aside a 5% block of TAP shares for its more than 9,000 employees to purchase. Prime Minister Luis Montenegro announced the decision on 14 October 2026.
Regulatory approval
The transaction is subject to approval by European Union regulators, and the government may complete TAP’s full privatization by 2028.
TAP operations
TAP carried 16.7 million passengers last year and operates more than 90 aircraft serving over 90 destinations, including 52 in Europe, 16 in Central and South America, 14 in Africa and 11 in North America.
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