Portugal Relaunches TAP Air Portugal Privatization

Portugal has officially restarted the privatization of TAP Air Portugal, aiming to sell a 49.9% stake in the national airline within a year. A 5% share will also be reserved for employees, with the government open to selling more if conditions allow.

Announced on July 10, 2025, the relaunch has attracted interest from major European airline groups. Lufthansa Group, International Airlines Group (IAG), and Air France-KLM have all expressed interest in acquiring a stake. Lufthansa, which owns SWISS, Brussels Airlines, and ITA Airways, reportedly held early talks with Portugal’s government. Air France-KLM reaffirmed its intent to join the bidding once terms are released, while IAG is expected to evaluate the offer closely.

TAP is currently profitable, posting a net income of €53.7 million in 2024 and all-time high revenues of €4.24 billion. The airline carried 16.1 million passengers in 2024, recovering to 94% of pre-pandemic levels. Its strong transatlantic and Lusophone market presence has made it a strategic prize.

Infrastructure Minister Miguel Pinto Luz emphasized the goal of aligning TAP with a strategic partner for long-term growth. The sale allows non-EU bidders, but presidential approval is required before formal offers proceed.

TAP operates 105 routes to 88 destinations, primarily from Lisbon, using a fleet of 83 Airbus jets and 19 Embraer aircraft via TAP Express. A final sale could reshape the European airline landscape and consolidate TAP’s role as a key player between Europe, Brazil, and Africa.

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