Portugal picks Lufthansa to buy up to 49.9% of TAP Air Portugal

Lufthansa's offer for up to 49.9% of TAP

1,201 million euros

The Portuguese government selected Lufthansa's offer of 1,201 million euros for up to 49.9 per cent of the airline, with up to five per cent reserved for its workers. The state keeps a majority and expects to close the deal by early 2028.

What's next

Prime Minister Luís Montenegro said the government may, in a second phase until 2028, swap its remaining stake for a share in Lufthansa's holding company. Lufthansa's offer for that phase includes another 488 million euros.

What Lufthansa promised

• Keep the TAP brand and Lisbon hub
• Porto as a second base, eight long-haul jets
• A fleet of 117 aircraft by 2035
• 300 million euros and 700 jobs in maintenance
• Stay in the Star Alliance

Lufthansa committed to keep the TAP brand, its head office and its Lisbon hub, to make Porto a second base, and to grow the fleet to 117 aircraft by 2035.

"Our ambition is to give TAP wings so that it flies more and more, and flies further and further," Montenegro said.

— Luís Montenegro, Portugal's prime minister