Deutsche Lufthansa AG and Air France-KLM S.A. have submitted binding offers to acquire a stake in TAP Air Portugal, according to Bloomberg. The deadline for submitting these two binding proposals expired on Tuesday.
The stake being offered for sale represents 44.5% of TAP Air Portugal's share capital. It should be noted that reports regarding the sale process have referenced both 44.5% and 44.9% in different contexts.
Parpública, SGPS, S.A., the state-owned holding company that manages the Portuguese government's shareholdings in TAP Air Portugal, now has 30 days to analyze the documentation. The agency is required to submit a report to the government following this review.
Proposal details and legal framework
According to the Portuguese news outlet Eco, the binding proposals specify the amount to be paid and include an industrial and strategic plan for the airline's sustainability.
A decree law approved by the Portuguese government allows for the sale of up to 49.9% of TAP to private investors, while the state remains the majority shareholder. Of the 49.9% stake available for sale, 5% is reserved for employees.
Timeline and remaining bidders
International Airlines Group (IAG), the owner of Iberia, withdrew from the bidding process. The partial sale of the national airline was relaunched in 2025 by the government of Luís Montenegro.
Wants the process concluded by next September
Minister for Infrastructure Miguel Pinto Luz indicated that the chosen investor could potentially start sharing management of TAP Air Portugal with the current board as early as 2026. The actual capital injection for the sale is expected to take place in the summer of 2027.