The Lufthansa Group has officially confirmed its intention to take part in the privatisation process of TAP Air Portugal. In a letter sent to Parpública, the Portuguese public holding company and shareholder of TAP, the German company positions itself as a candidate for an initial minority stake. The aim is to build a long-term strategic partnership that will guarantee the future of the national airline.
" Our ambition is to strengthen Portugal's global connectivity, preserve TAP's Portuguese identity and ensure its sustainable growth. "says Carsten Spohr, Chairman and CEO of Deutsche Lufthansa AG.
Carsten Spohr emphasised the strategic role that TAP could play by joining Europe's leading air transport group. The Lufthansa group recalls its historic presence in Portugal. Its various subsidiaries operate more than 280 flights a week and already employ more than 400 people. This figure is set to rise to 1,000 by 2030, thanks to the opening of a Lufthansa Technik site near Porto.
The South American market is a hot favourite
There's the Portuguese market, of course. But above all, there is the lucrative South Atlantic market. Lufthansa sees Lisbon as a key hub, capable of expanding connections to South America - Brazil in particular - as well as to Portuguese-speaking and southern Africa.
Le Lufthansa Group highlights the integration of numerous European carriers. These include Swiss, Austrian Airlines, Brussels Airlines and more recently ITA Airways, while retaining their national identities. The group believes it has the critical mass, financial strength and experience to support TAP in a new cycle of development.
But Lufthansa is not alone. Air France-KLM has reaffirmed its interest in TAP, attracted by the Portuguese carrier's strong presence in South America and the Lisbon hub's potential to strengthen its own transatlantic network.
The IAG group, parent company of British Airways, Iberia and Vueling, is also keeping a close eye on the dossier. TAP would be a major strategic asset for the group, particularly in terms of consolidating its influence on Latin American markets - even if the integration of a new player on this South Atlantic route would in fact be in competition with IAG's Madrid hub with Iberia. Above all, it could face hostility from the European authorities with the creation of a predominant group on the Iberian peninsula.
Finally, a number of investors, including some Gulf sovereign wealth funds - including Qatar - already present in the airline sector, are mentioned as being interested, even if their approaches remain less advanced than those of European airline players.
Government response by the end of the first quarter of 2026?
The Portuguese government must now analyse the various proposals in a context where TAP, which has become more stable following its restructuring, is attracting the attention of European players keen to strengthen their position on the transatlantic route and in Portuguese-speaking markets. The battle for Portugal's national airline therefore promises to be a particularly strategic one.
The ball is now in the court of the Portuguese government, which will have to specify its timetable and selection criteria. In Lisbon, the executive is adamant that it wants to carry out a " transparent, competitive and focused on the national interest "TAP's strategic importance for the diaspora, autonomous regions and links to South America and Portuguese-speaking Africa will be preserved. The official response is expected before the end of the first quarter of 2026.
