Lufthansa to acquire 44.9% of TAP Portugal, targeting completion by early 2028
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Lufthansa Group was selected as the buyer of TAP Portugal shares on 15 October, agreeing to purchase a 44.9% stake for up to €1.2 billion, with the transaction expected to close in the first half of 2028.
The deal, which includes employee share options, would raise Lufthansa’s Europe‑Latin America market share from 9% to about 20% and is described by CEO Carsten Spohr as the first acquisition of a profitable airline, while CFO Til Striehler says earnings per share should improve from the first year after completion.
Lufthansa expects TAP Portugal’s 2025 EBITDA margin of roughly 17% and EBIT margin of 6% to contribute to two‑thirds synergy within three years, and plans to gradually increase dividends to minority shareholders to up to 75% after the transaction.