Air France–KLM and Lufthansa Group have submitted non-binding offers for a minority stake in TAP Air Portugal, meeting the April 2, 2026, deadline in the Portuguese flag carrier’s privatization process.
The Portuguese government, through state holding company Parpublica, is selling a 44.9% stake in TAP, with an additional 5% reserved for employees. The process began with formal interest expressions from Air France–KLM, Lufthansa, and International Airlines Group (IAG) in November 2025, following approval in August 2025. IAG has not submitted a bid, according to reports.
Non-binding proposals include financial offers, valuation mechanisms, strategic plans, expected synergies, and guarantees to maintain TAP’s status as an EU air operator. Infrastructure Minister Miguel Pinto Luz stated the winning bidder will be selected by summer, after due diligence and potential binding offers.
TAP’s Lisbon hub and routes to Brazil, North America, and Africa make it attractive. Air France–KLM sees it complementing operations at Paris Charles de Gaulle and Amsterdam Schiphol, while Lufthansa aims to expand in southern Europe. The government prioritizes employment, national connectivity, and links to Portuguese-speaking countries.
Negotiations may extend months, influenced by political and market factors.