The German group Lufthansa, which includes airlines such as Swiss, Austrian Airlines, and Brussels Airlines, has won the bid to acquire up to 49.9% of TAP Air Portugal, closing the deal for 1.2 billion euros. This decision was announced by the Portuguese government this Wednesday, the 14th, as part of the airline's privatization process.
Lufthansa's proposal includes the purchase of 44.9% of the shares, reserving 5% for employees. If workers choose not to exercise their right to purchase, this percentage can be acquired by the German group, raising its total stake to 49.9%. The Portuguese State will retain ownership of 50.1% of the share capital.
Lufthansa competed against Air France-KLM, a Franco-Dutch conglomerate, which also submitted an offer. According to the Portuguese government, the German proposal surpassed the competitor's by 16% and demonstrated a lower level of uncertainty.
Even with the State retaining the majority of shares, TAP's executive and operational management will be managed by the German group. It is important to note that the realization of this negotiation is subject to the signing of final contracts and the approval of competent regulatory bodies.
Lufthansa's plans include increasing TAP's fleet and expanding activities in the city of Porto. The Portuguese company will preserve its brand identity and its headquarters in Portugal, while maintaining its connections with the national islands, with Lisbon serving as its main connection hub.
TAP's current fleet, consisting of 106 aircraft, is expected to grow to 117 by 2035 and reach 130 after the completion of the new Lisbon airport. The offer also provides for the possibility of transferring up to eight Airbus A350-900 aircraft from Lufthansa to TAP, starting in 2030.
With this integration, the German group aims to strengthen its presence in Latin America by utilizing TAP's flight network in the region. Currently, in Brazil, the Portuguese company operates in 15 cities through 17 routes. The Portuguese government estimates that the combined group's participation in the passenger market between Europe and Latin America could reach 20%. To date, no specific changes to flights between Brazil and Portugal have been announced.
In addition to fleet expansion, the plan includes an investment of approximately 300 million euros in maintenance and engineering in Santa Maria da Feira, which will result in the creation of 700 new jobs. The project also foresees the installation of a pilot school in Tancos, adjacent to a military airfield.
By 2028, Lufthansa plans to acquire most of the TAP shares still owned by the Portuguese government. This deal totals a payment of 1.351 billion euros, divided between monetary values and shares of the German group itself, which would make Portugal the second largest shareholder in Lufthansa.
With this sale, the Portuguese government seeks to recover the 3.2 billion euros of public funds allocated to TAP over the last decade. TAP, founded in 1945, underwent partial privatization in 2015, a process that was reversed in 2016. Reprivatization resurfaced in 2023 and progressed under the management of Luís Montenegro, who resumed the process in 2024. The choice of the German group marks a new chapter for the Portuguese company, despite the State remaining the majority shareholder in this initial phase, with the proposal providing for the operational integration of TAP into the Lufthansa structure.