On 14 October 2026 the Portuguese government took a series of linked actions concerning TAP Air Portugal. It decided to sell a stake in the state‑owned airline, selected Lufthansa as the buyer, announced that Lufthansa had won the bid, and formally approved the acquisition of TAP shares. All four steps are recorded with the same date, indicating a swift, coordinated process.
The transaction is valued at 1.201 billion euros. Lufthansa will acquire 44.9 percent of TAP shares, with the possibility of up to 49.9 percent and an additional 5 percent reserved for TAP employees. TAP recorded a loss of 99 million euros in the first half of a year, reflecting recent financial pressure. Lufthansa is marking its 100th anniversary.
TAP’s network is described as dense between Europe, Latin America, and Africa, making it a valuable asset for any carrier seeking to strengthen transatlantic links, especially to South America. The Portuguese government emphasizes TAP’s strategic interests, including island connections, brand preservation, and the role of Lisbon as an operations centre. For Lufthansa, the stake is portrayed as a step in expanding its European airline alliance and improving its position on transatlantic routes. The deal is part of Portugal's strategy to secure TAP's long-term competitiveness, which had benefited from significant state aid during the pandemic.
Looking ahead, fleet expansion targets for TAP are 117 aircraft by 2035, and a higher target of 130 aircraft after the completion of a new Lisbon airport.
Looking ahead, fleet expansion targets for TAP are 117 aircraft by 2035, and a higher target of 130 aircraft after the completion of a new Lisbon airport. The airline currently employs 9,400 people. These figures are presented as part of the broader plan for TAP’s global growth, with the possibility of new investments in Portugal mentioned by the government.
A range of positions is noted. The Portuguese government is described as neutral in three separate instances, while Lufthansa appears neutral in two. Carsten Spohr is noted as supportive of the move. Lufthansa itself is also recorded as supportive in one stance. In contrast, the British competitor IAG is characterized as critical. Additionally, a German‑language claim suggests that, after the transaction, Lufthansa would be roughly on par with IAG in competitive standing.
No further steps beyond the October 2026 approvals are detailed. It leaves the future integration of TAP into one of the largest airline groups in Europe as an outlook, noting that the carrier is set to become part of a larger consortium. The actual timing of share transfers, any regulatory clearances beyond the government's approval, and the precise percentage Lufthansa will ultimately hold remain unspecified.