The Portuguese Government has selected the German airline Lufthansa for the acquisition of up to 49.9% of TAP's share capital, in an operation approved by the Council of Ministers and valued at €1.201 billion. The final decision favoured Lufthansa's proposal, considered financially more robust and with an ambitious growth plan for the national airline.
Lufthansa's proposal foresees a total revenue of €1.201B in this phase, including up to 5% reserved for TAP employees. The total valuation of the company, after a potential second phase to acquire majority control, could reach €2.552B. The Portuguese State will retain 50.1% of the capital, preserving control and the potential for future value appreciation of its stake.
The Government highlights that integration into Lufthansa will enable TAP's global growth, with an enhanced presence in Latin America, at Porto Airport, and an increased fleet of up to 130 aircraft. Additional investments in Portugal are also planned in maintenance and engineering, along with the possibility of establishing a military pilot training school in Tancos.
Lufthansa's financial proposal is up to 16% higher than that presented by Air France/KLM, and substantially above independent valuations conducted since 2023. The operation aims to recover the €3.2 billion public investment injected into the company over the last decade, through the future appreciation of the State's stake and dividends.
The Minister of Infrastructure and Housing, Miguel Pinto Luz, described the decision as a turning point for national aviation, ensuring that the interests of TAP and the Portuguese people have been safeguarded. The Minister of State and Finance added that the decision ushers in a new phase of greater capacity and competitiveness for the airline.
