Portugal and Lufthansa sign TAP stake sale agreement
The Portuguese state will retain 51 per cent and board control initially, while completion remains subject to European approval.
Portugal’s government and Lufthansa have signed a share sale agreement covering the partial privatisation of TAP. The German airline group offered €1.201 billion for up to 49.9 per cent of the carrier’s capital, with 5 per cent preferably allocated to workers.
Lufthansa was chosen by the government on 14 October. The state will initially hold on to its 51 per cent shareholding and most board seats. Completion of the transaction and TAP’s integration into Lufthansa require an assessment by Brussels.
At the signing near Lisbon airport, Portuguese Prime Minister Luís Montenegro said the deal would preserve TAP’s identity and brand while securing Portugal’s strategic interests. He described connections to the autonomous regions, Portuguese communities abroad and countries sharing its language as an asset. He said the airline’s distinctive character and commitments to workers had been safeguarded.
Lufthansa chief executive Carsten Spohr said TAP would remain Portuguese. He reiterated plans to make Lisbon a Lufthansa hub, with Porto, Funchal, Madeira and the Algarve also featuring in the group’s strategy. He said the acquisition offered access to African and Latin American markets, particularly Brazil.
The government anticipates completion by early 2028 and expects European approval in the first half of 2028. Pending approval, TAP will retain independent management under oversight from Lufthansa.
