Air France-KLM has submitted a non-binding offer to acquire a minority stake in TAP Air Portugal as part of the carrier’s ongoing privatization process. The Franco-Dutch group announced the move on April 2, 2026, becoming the first among major European airline groups to publicly confirm its bid to Portuguese state holding company Parpública.
Portugal is offering a 44.9% stake in the Lisbon-based airline to investors, with an additional 5% reserved for employees. The government retains a 50.1% holding and may sell it later to the same investor. The deadline for non-binding bids from rivals like Lufthansa and International Airlines Group fell on April 2, though IAG’s interest has reportedly waned.
CEO Benjamin Smith highlighted TAP’s 81-year legacy, including its strong Lisbon hub and brand that delivers connectivity to millions of Portuguese. A successful bid would position Lisbon as Air France-KLM’s key Southern European hub. Portuguese officials aim to select a winner by summer.