The privatization of TAP Air Portugal is progressing.
The Lufthansa Group and the Portuguese government signed, on November 3, 2026, an agreement for the acquisition of an initial minority stake of 44.9 % in the airline. The signing took place at Humberto Delgado Airport in Lisbon, according to a press release from the German group.
The acquisition price amounts to €1.025 billion. It will be fully financed from available liquidity. The stake could reach 49.9% if Lufthansa buys the shares initially offered to employees. With transaction costs, the total price could amount to €1.2 billion.
Finalization of the operation depends on regulatory approvals, particularly that of the European Commission.
The group says it is in favor of a full privatization of TAP. According to it, a minority stake is already sufficient to realize most of the synergies, estimated at €450 million.
The Lufthansa Group and the Portuguese government signed, on November 3, 2026, an agreement for the acquisition of an initial minority stake of 44.9 % in the airline. The signing took place at Humberto Delgado Airport in Lisbon, according to a press release from the German group.
The acquisition price amounts to €1.025 billion. It will be fully financed from available liquidity. The stake could reach 49.9% if Lufthansa buys the shares initially offered to employees. With transaction costs, the total price could amount to €1.2 billion.
Finalization of the operation depends on regulatory approvals, particularly that of the European Commission.
The group says it is in favor of a full privatization of TAP. According to it, a minority stake is already sufficient to realize most of the synergies, estimated at €450 million.
Lisbon would become Lufthansa Group’s seventh hub
The strategy aims to expand TAP’s network, notably toward Brazil, Lusophone Africa, and North America. On traffic between Europe and Latin America, the Lufthansa Group’s market share is about 9%. It would rise to around 20% with TAP.
Lisbon would become the group’s seventh hub. Porto, the Azores, Madeira and the Algarve are also part of this strategy.
The group’s airlines currently operate 353 weekly flights to six Portuguese destinations, representing a 75% increase compared with 2019. The group employs more than 500 people in Portugal. It expects more than 1,000 direct jobs by 2030, with the Lufthansa Technik site in Santa Maria da Feira, near Porto. Construction of this site began in June.
“Our networks complement each other perfectly and open up new growth prospects in Portugal and, more specifically, in South America and Brazil,” said Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, in the press release.
Lisbon would become the group’s seventh hub. Porto, the Azores, Madeira and the Algarve are also part of this strategy.
The group’s airlines currently operate 353 weekly flights to six Portuguese destinations, representing a 75% increase compared with 2019. The group employs more than 500 people in Portugal. It expects more than 1,000 direct jobs by 2030, with the Lufthansa Technik site in Santa Maria da Feira, near Porto. Construction of this site began in June.
“Our networks complement each other perfectly and open up new growth prospects in Portugal and, more specifically, in South America and Brazil,” said Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, in the press release.
