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Portugal selects Lufthansa for €1.201 billion TAP stake sale
The government will keep 50.1% of the airline, while Lufthansa will take charge of executive and operational management under the proposal.
Portugal’s government has chosen Lufthansa to acquire 44.9% of TAP Air Portugal under its privatization process. Prime Minister Luís Montenegro said the transaction would generate €1.201 billion in the initial phase, with the state remaining the majority shareholder.
Montenegro said Lufthansa’s financial bid exceeded the competing offer by 16% and involved less uncertainty. The proposal values TAP at €2.552 billion, he said. Air France-KLM and Lufthansa submitted final offers at the end of September, according to state holdings manager Parpública.
Employees have been allocated a further 5% of TAP’s shares. The privatization decree published in August allows the selected investor to acquire shares that employees do not buy. The government’s remaining holding will be 50.1%.
Infrastructure and Housing Minister Miguel Pinto Luz said the proposal envisages a fleet of 117 aircraft by 2035, rising to 130 after 2035. Transfers to TAP of up to eight Airbus A350-900s are planned from 2030 onward.
The proposal includes €500 million for a pilot training school in Tancos, an innovation center in Aveiro and a corporate services center. Those projects would accompany Lufthansa Technik’s previously announced investment in Santa Maria da Feira. Montenegro said TAP’s projected expansion envisages 3,000 associated jobs, with 5,500 direct and indirect jobs across the investment initiatives.
Airport investment is also proposed for Francisco Sá Carneiro Airport, described as the operation’s strategic base, as well as Faro Airport and airports in Portugal’s autonomous regions.
Finance Minister Joaquim Miranda Sarmento said completion of the privatization would take 18 to 24 months, placing it in 2028, following European Commission approval.