Entroncamento, Portugal, Dec. 19, 2025 (Lusa) - The government has decided to exclude CateringPor and SPdH, formerly Groundforce, from the list of TAP privatisations, and to remove the so-called “TAP stronghold”, real estate assets.

As explained today by the Minister of Infrastructure, Miguel Pinto Luz, in Entroncamento (Santarém district), the decision means that TAP's holdings in catering and handling will not be included in the airline's sale process, in line with the restructuring plan approved in Brussels.

"The value of these disposals will revert to the state, in accordance with the model defined by the government," he said.

The minister explained that the privatisation will now focus on up to 49.9% of TAP S.A., Portugália and the group's healthcare unit (UCS), with the intention of attracting a strategic investor from the sector and safeguarding the brand, headquarters and air links considered strategic.

The restructuring plan agreed with Brussels originally provided for the sale of TAP's 51% stake in Cateringpor and 49.9% stake in the former Groundforce by the end of this year, as part of the measures approved in the context of the Covid-19 pandemic.

In the coming months, the European Commission will assess the end of TAP's restructuring plan and compliance with the agreed targets, in coordination with the Portuguese State. If the targets are considered met, TAP will be exempt from certain restrictions, including the 99-aircraft limit and the ban on acquiring other assets.

The specifications provide for the sale of up to 44.9% of TAP, with 5% of the capital reserved for employees, and the future buyer will have the right of first refusal on any unsubscribed shares.

Air France-KLM, IAG and Lufthansa are the three interested parties in the race for TAP.

SCR/ADB // ADB.

Lusa