Portugal selects Lufthansa for minority stake in TAP

Portugal's government announced on 14 October 2026 that it had selected Lufthansa Group to acquire 44.9% of TAP Air Portugal. The stake could reach 49.9% if employees do not exercise their option to acquire the 5% portion reserved for them. At this initial stage, the state would retain 50.1% and remain the majority shareholder.

What is the proposed price? The Portuguese government gave a total value of EUR 1,201 million for the deal including the employee-reserved shares. Lufthansa announced an offer of EUR 1,025 million for the 44.9% stake, potentially rising to approximately EUR 1.2 billion if the additional portion and relevant terms apply. These figures describe the minority transaction, not a completed sale of the airline's majority.

The selection followed negotiations involving Lufthansa and Air France-KLM. The Portuguese government says it assessed the technical, contractual and financial terms, describing the selected offer as financially stronger and less uncertain.

For passengers, the announcement sets out plans to preserve the TAP brand, the company's Portuguese headquarters and Lisbon's role as an international hub. The government also refers to island connections, stronger operations at Porto Airport and links with Latin America. These are announced strategic objectives and commitments, not confirmed immediate changes to flight bookings, fares or timetables.

Lufthansa says it is working with the Portuguese state and Parpública to complete the transaction documents. Selection does not mean the stake has already changed hands. Signing and completion remain subject to the relevant procedures and approvals. Travellers should continue to check their specific flights and ticket conditions directly with the operating airline.