Lufthansa Group has been selected as Portugal’s strategic partner for the sale of a 44.9% stake in TAP Air Portugal, with the potential transfer of up to eight Airbus A350-900s to the Portuguese carrier from 2030. Lufthansa offered €1.025 billion for the stake, while the initial transaction could be valued at up to €1.201 billion if employees acquire a further 5%. The deal remains subject to final contracts and regulatory approval.
TAP will retain its brand, Portuguese headquarters and Lisbon hub while expanding its presence at Porto’s Francisco Sá Carneiro Airport, where it plans to station eight aircraft. Porto is expected to become TAP’s second base. The airline will also maintain links to Portugal’s island regions and strengthen its Latin American network.
Lufthansa’s industrial plan envisages increasing TAP’s fleet to 117 aircraft by 2035 and up to 130 after a new Lisbon airport opens. The required investment is estimated at €3 billion to €4 billion. The plan does not specify which A350s would be transferred or which routes they would serve.
Lufthansa is expected to assume TAP’s executive and operational management, although the Portuguese state will initially retain a 50.1% majority stake. The partnership also includes expanded maintenance and technical operations. Lufthansa Technik’s facility at Santa Maria da Feira, near Porto, is expected to employ more than 1,000 people directly by 2030.
The transaction documents must first be finalised and signed with the Portuguese government and state holding company Parpública. Completion will then require approval from the relevant authorities.