Portugal picks Lufthansa Group to acquire up to 49.9% of TAP Portugal
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The Portuguese government selected the Lufthansa Group to sell a 44.9% stake in TAP Portugal, with an additional 5% available if employees do not exercise their rights, leaving the state with a 50.1% holding.
The transaction is valued at €1.21 billion, with Lufthansa’s offer reported as 16% higher than that of Air France KLM, and the second‑stage acquisition is expected to be completed by July 2028; TAP plans to operate 117 aircraft by 2035 and expand to 130 thereafter, backed by a €30‑40 billion investment in aircraft.