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Bids Filed for TAP Air Portugal Privatization
Lufthansa Group and IAG have both lodged offers as Portugal opens the sale of a minority stake in TAP.
The TAP Air Portugal privatization is now officially underway: Lufthansa Group and International Airlines Group (IAG) have submitted formal bids, and Air France–KLM has signalled interest. The Portuguese government plans to sell up to 49.9% of TAP to help recover €3.2 billion in state aid, with all offers due by November 22.
Both bidders framed their proposals around strengthening TAP’s global connectivity while keeping the carrier’s Portuguese identity intact. Lufthansa (LH) — part of the Lufthansa Group — highlighted network synergies, while IAG (the parent of British Airways and Iberia) pointed to fleet and route optimization as part of its pitch. Air France (AF) and KLM (KL) remain watchers in the process.
TAP Air Portugal privatization: key facts
The government says the process should be wrapped up by early 2026, subject to regulatory approvals and the usual due diligence. The stake on offer is explicitly minority (maximum 49.9%), meaning strategic partners would not assume full control but could influence long-haul connectivity and alliance ties.
- TAP Air Portugal privatization: up to 49.9% on sale to recover €3.2 billion in state aid.
- Deadline for offers: November 22.
- Interested groups: Lufthansa Group (LH), International Airlines Group (IAG), plus interest from Air France–KLM (AF/KL).
For passengers and network planners this could mean new codeshare possibilities, refreshed long-haul routes from Lisbon, and potential fleet changes depending on a chosen partner. Expect updates on alliance alignments and route announcements only after final bids are evaluated and regulatory checks conclude.
What to watch next: who clears regulatory hurdles, whether the final deal limits foreign control below 50%, and how quickly a new investor moves to adjust TAP’s route map and partnerships. The coming months should bring more detail as bids are assessed and negotiations proceed toward the anticipated early‑2026 close.
