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Portugal selects Lufthansa for TAP privatization
The government said the first phase would bring in €1.201 billion, while Portugal would retain a 50.1% majority stake in the airline.
Portugal has chosen Lufthansa as the incoming private shareholder in TAP, Prime Minister Luís Montenegro announced on October 14, 2026. He said the initial phase of the airline’s privatization would generate €1.201 billion, with the state keeping a 50.1% holding.
Montenegro said Lufthansa’s financial bid exceeded the competing offer by 16% and presented less uncertainty. The proposal values TAP at €2.552 billion and would put Lufthansa in charge of the airline’s executive management and operations, he said.
Lufthansa and Air France-KLM lodged final offers at the end of September for a 44.9% stake, state holdings manager Parpública said. Another 5% is reserved for employees. Under the privatization decree-law published in August, the selected investor can acquire shares that staff do not purchase.
Infrastructure and Housing Minister Miguel Pinto Luz said the proposal envisages a fleet of 117 aircraft by 2035, rising to 130 after 2035. It also provides for the transfer of up to eight Airbus A350-900s to TAP starting in 2030.
The government said the proposal includes €500 million for a pilot training school in Tancos, an innovation center in Aveiro and a corporate services center. Montenegro projected 3,000 jobs associated with TAP’s growth and 5,500 direct and indirect jobs across the investment initiatives.
Completion is still subject to competition approval. Finance Minister Joaquim Miranda Sarmento said the process would take 18 to 24 months to conclude, placing completion in 2028, after authorization from the European Commission’s Directorate-General for Competition.