The Portuguese government finally decided: It will be the Lufthansa group – and not Air France-KLM – that will acquire a 44.9% stake % in TAP Air Portugal., The Portuguese national carrier. The Lufthansa group is flying from success to success in Southern Europe, having in less than two years acquired ITA, formerly Alitalia, and now TAP Air Portugal.
This decision was part of the process of partial privatization of TAP Air Portugal, which was relaunched in July 2025 by the Portuguese government. At the time, the state announced that it would hand over 44.9% % of the capital to a strategic investor, while retaining the majority of the capital. However, a stake of up to 5% would % remain reserved for employees.
Unlike other medium-sized airlines in Europe, TAP represents a major strategic asset: being the first carrier to Brazil and also an important player in Africa, especially in Portuguese-speaking countries.
According to the obligations set by the government for the acquisition of TAP, Lufthansa will have to maintain and develop the company’s regional air routes, particularly in Porto, and maintain maintenance activities in Portugal.
According to two sources close to the matter consulted by the Reuters news agency, Lufthansa would have overtaken Air France-KLM, its competitor in this operation, by offering to take over the 44.9% in a fully cash structure. This means that The entire acquisition will be made exclusively with cash., As with species, bank transfers or checks. For its part, Air France-KLM had proposed combining cash and shares. Lufthansa's financial strength seems to have done the rest.
Although many observers had judged that Air France’s integration philosophy was more in line with the TAP Air Portugal style, this led to the counter-phrase «when you count, you don’t like it…»
The Portuguese government is expected to clarify the terms of the operation at a press conference scheduled later on Wednesday. The transaction also needs the approval of the European Commission, which could delay its official recognition until 2028.
