Lisbon, Nov. 20, 2025 (Lusa) - Lufthansa on Thursday submitted to the Portuguese state, its expression of interest in the privatisation process of TAP, two days before the deadline of 22 November, the German group announced.
"In addition to the initial acquisition of a minority stake, the aim of the process is to establish a long-term partnership between the Lufthansa Group and TAP Air Portugal in order to ensure the successful future of TAP as Portugal's national airline," the aviation group said in a statement.
The government plans to sell up to 44.9% of the airline's capital, reserving 5% for employees, as stipulated by the Privatisation Law. If this tranche is not fully subscribed, the future buyer will have the right of first refusal.
Quoted in the statement, the Chairman of the Executive Board and Chief Executive Officer (CEO) of Deutsche Lufthansa AG said that the group's objective is "to strengthen Portugal's global connectivity, preserve TAP's Portuguese identity and ensure the company's sustainable growth."
"TAP Air Portugal is of great strategic importance to the European aviation industry. As a long-standing partner in Star Alliance and given our significant investments in Portugal, we continue to see the Lufthansa Group as the best partner for TAP and Portugal," said Carsten Spohr.
"Cooperation would strengthen Lisbon's position as an Atlantic hub in the Lufthansa Group's network," says the German company, noting that "connectivity between Europe and other regions of the world, such as South America, Africa and North America, could be expanded."
It also maintains that, "as a global leader outside the United States, the group offers the scale, experience and financial stability necessary to create sustainable value and strengthen TAP Air Portugal's role as the country's ambassador around the world."
Operating in Portugal for over 70 years, the Lufthansa Group offers more than 280 weekly flights to and from Portugal through its various airlines.
Employing "more than 400 qualified professionals" in the country, it plans to increase this number to 1,000 by 2030 with the construction of a new Lufthansa Technik centre for the repair of engine parts and aircraft components in Santa Maria da Feira.
Positioning itself as "an engine of consolidation in Europe", the Lufthansa Group says it has "successfully strengthened" national airlines such as SWISS, Austrian Airlines, Brussels Airlines and, more recently, ITA Airways, "while preserving their national identities".
From 22 November, Parpública, the company that manages the State's holdings, to which Lufthansa submitted its expression of interest, has 20 days (until 12 December) to submit a report to the Government describing the interested parties that have expressed interest and assessing their compliance with the participation requirements.
Within 20 days of the report being made available, interested parties who have demonstrated compliance with the requirements are invited to submit a non-binding proposal.
This second phase of the process, which will be divided into four stages, requires the proposal to include, among other things, the price offered for the acquisition of the shares and information on how the financial means necessary to complete the purchase will be obtained.
Applications may be submitted by national or foreign operators, individually or in a consortium, provided they meet the defined criteria, including revenues in excess of €5 billion in at least one of the last three years and proven experience in the aviation sector.
Bids will also be evaluated on the basis of fleet reinforcement, investment in maintenance and engineering, commitment to sustainable fuels, respect for labour commitments and vision for a possible strengthening of the shareholder position, in accordance with the recently published specifications.
As the Government announced in July, the privatisation of TAP — which also includes Portugália, the TAP Healthcare Unit, Cateringpor and SPdH ground handling (formerly Groundforce) — is expected to take place over the course of about a year, although the final timetable depends on regulatory approvals.
In addition to the Lufthansa Group, Air France-KLM also formalised its interest in the TAP privatisation process on Tuesday, and International Airlines Group (AG), owner of British Airways and Iberia, has also publicly expressed its willingness to enter the race.
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