Lufthansa and Portugal sign agreement for 44.9% minority stake in TAP Air Portugal

Lufthansa Group and the Portuguese government signed an agreement on 3 November 2026 at Humberto Delgado Airport in Lisbon under which Lufthansa will acquire an initial 44.9% minority stake in TAP Air Portugal. The German group describes the signing as a milestone in the privatisation of the Portuguese airline.

According to Lufthansa Group, share offers to TAP employees could raise its holding to up to 49.9%. The group says it will pay for the stake entirely from available liquidity. The transaction can only be completed once the relevant authorities, in particular the European Commission, have approved it, and no completion date has been announced.

Lufthansa says it expects growth to focus on routes between Portugal and Brazil, Portuguese-speaking Africa and North America, and that Lisbon would become the group's seventh hub. Porto, the Azores, Madeira and the Algarve are also named in its growth plans. The group puts its own share of traffic between Europe and Latin America at about 9%, and at about 20% combined with TAP. It currently operates 353 weekly flights to six Portuguese destinations, 75% more than in 2019, and employs more than 500 people in Portugal. Chief executive Carsten Spohr called the signing "an excellent signal that extends far into our shared future with TAP Air Portugal".

The announcement does not set out any change to TAP's current schedules, fares, frequent flyer programme or partnerships, and none should be assumed while regulatory approval is pending. Passengers with TAP bookings should rely on the airline's own communications for any change to their travel.