Lufthansa Group has been selected by the Portuguese government in the privatisation process for TAP Air Portugal, paving the way for the German airline group to acquire an initial minority stake in the carrier.
Lufthansa Group has offered 1.025 billion EUR for a 44.9% stake in TAP Air Portugal. The amount could rise to 1.2 billion EUR for a 49.9% stake, taking into account up to 5% of shares initially offered to employees and a ticking fee.
The selection marks a step towards the transaction, with Lufthansa Group now working with the Portuguese government and state holding company Parpública to finalise the relevant documents.
Lufthansa Group’s proposed investment aims to support TAP Air Portugal’s growth while preserving its Portuguese national identity. The group also intends to strengthen Portugal’s international air connectivity, particularly routes linking the country with North and Latin America.
TAP Air Portugal is a member of Star Alliance, the same global airline alliance as Lufthansa Group. The Portuguese carrier has an established network connecting Europe with destinations across the South Atlantic.
Lufthansa Group also expressed support for the Portuguese government’s intention to proceed with the full privatisation of TAP Air Portugal, stating that majority ownership in previous acquisitions had generated additional benefits for the parties involved.
Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, said:TAP Air Portugal is a strong and profitable airline, our long-standing partner in Star Alliance and internationally successful as a leading carrier on South Atlantic routes. It is known for its outstanding employees and has a compelling business model. With today’s decision, the Portuguese government has paved the way for TAP Air Portugal to continue this success story together with Lufthansa Group. At the same time, this allows us to consistently pursue our internationalisation strategy and sustainably strengthen our position in the South Atlantic market. Our company has enjoyed a close and trusted partnership with Portugal for many years. For decades, we have invested in the country, created and secured highly skilled jobs, and connected Portugal with Europe and the world. We look forward to a shared future with TAP Air Portugal and to continuing our constructive cooperation with the government in Lisbon!
Lufthansa Group was competing with Air France-KLM for the stake. Air France-KLM submitted its final offer for up to 49.9% of TAP Air Portugal on 30 September, setting out a strategy focused on Lisbon as a hub, transatlantic connectivity and preserving the carrier’s Portuguese identity.
Lufthansa Group has operated in Portugal for more than 70 years. Its airlines currently operate 353 flights per week to six destinations in the country, representing a 75% increase in capacity compared with 2019.
More than 500 people work for Lufthansa Group companies in Portugal. This figure is expected to exceed 1,000 direct jobs by 2030 following the development of a new Lufthansa Technik facility in Santa Maria da Feira, near Porto. Construction of the maintenance facility began in June 2026.
The proposed acquisition is expected to expand Lufthansa Group’s existing presence in Portugal while giving it a stake in a carrier with an established transatlantic network. The final ownership structure and completion of the transaction now remain dependent on the privatisation process and regulatory approvals.
