Air France-KLM has submitted a non-binding offer for a minority stake in TAP Air Portugal as the Portuguese government advances the state-owned carrier’s privatization.
The bid, lodged on April 2, 2026, ahead of a 17:00 deadline, positions Lisbon as a potential southern European hub for the group, leveraging the airport’s connectivity to the Americas and Africa. Lufthansa followed with its own non-binding offer hours later, confirming its participation through Head of Strategy Tamur Goudarzi Pour, who noted the carrier’s intentions despite regional challenges like the Middle East conflict.
International Airlines Group (IAG), parent of British Airways and Iberia, did not submit a bid by the deadline, effectively withdrawing from the process. The government is offering up to 49.9% of TAP, with 44.9% for investors and 5% for employees, while retaining majority control initially. Bidders must commit to bolstering operations at Lisbon’s Humberto Delgado Airport and nine other Portuguese airports, including Porto and Faro.
The process, approved by former President Marcelo Rebelo de Sousa in August 2025, follows EU mandates. Portuguese Infrastructure Minister Miguel Pinto Luz set the 90-day bidding window ending April 2, with a winner expected by summer.