Entroncamento, Portugal, Dec. 19, 2025 (Lusa) - The government has completed the pre-qualification process for the privatisation of TAP. It has mandated Parpública to invite submissions of non-binding bids from 2 January onwards.
At a press conference, the Minister of Infrastructure, Miguel Pinto Luz, explained that all entities that expressed interest, Air France-KLM, IAG and Lufthansa, meet the requirements and will move on to the second phase of the process, which Parpública is coordinating.
The non-binding proposals will have a financial component, including the price offered for the shares, as well as additional valuation mechanisms, such as earn-outs, which provide for future payments depending on the company's performance.
Interested parties must also indicate the future valuation prospects of the remaining stake and any alternative forms of payment, such as share exchanges.
In addition, they must submit non-binding technical proposals, including an industrial and strategic plan for TAP, a preliminary view of synergies and benefits for the company, and ensure that their status as a European Union air operator is preserved.
The evaluation criteria include financial valuation, technical experience, financial sustainability, the development of strategic areas while maintaining the brand and headquarters, safeguarding air links, assuming regulatory risks, the rights and valuation of employees, and the vision for the second phase of privatisation.
Proposals must also comply with applicable legislation and competition rules and may include additional information on operational constraints, aspects of corporate governance to be safeguarded, and expectations regarding the necessary information procedures.
The deadline for submitting non-binding proposals is 2 April, following a period of detailed information disclosure about the company and the signing of confidentiality agreements.
Parpública, the state-owned company responsible for managing the state's shareholdings, had until 12 December to prepare a report evaluating the interested parties, a document that was delivered before this deadline, according to Pinto Luz.
The third phase of the process includes information gathering and the submission of binding proposals within a maximum of 90 days after the invitation is sent, with the cabinet able to set a shorter deadline.
Once the binding proposals have been received, Parpública will again have 30 days to submit a final report, a deadline that a reasoned decision of the cabinet may extend.
Based on this document, the best proposal may be selected, or a negotiation phase may be initiated to produce improved final proposals.
Once the selection process is complete, the cabinet will approve the final drafts of the sales contracts, which the buyer must sign within 15 days.
This will be followed by the convening of TAP's general meeting to approve the necessary resolutions for the privatisation and implementation of the agreed industrial and strategic plan.
The specifications provide for the sale of up to 44.9% of TAP's capital, with 5% reserved for employees. Any shares that are unsubscribed will be subject to the future buyer's right of first refusal.
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