On 2026-10-14 the Portuguese government announced the sale of shares in TAP Air Portugal, and on the same day Lufthansa won the bid for a 44.9% stake in the airline. The announcement marked the start of a transaction that would give the German carrier a significant foothold in a carrier that had been state‑owned during the pandemic.
Lufthansa is set to acquire a 44.9% stake in TAP Air Portugal, a figure that appears in the initial description of the deal, for a payment of 1.2 billion euros.
Lufthansa’s victory came after outbidding Air France‑KLM, the Franco‑Dutch group that had also sought a share of the Portuguese carrier. This competitive edge underlined Lufthansa’s determination to secure the asset despite rival interest.
Before the sale, TAP Air Portugal had been state‑owned during the 2020 pandemic.
The acquisition will give Lufthansa better access to South Atlantic routes and allow it to grow beyond its home market. In particular, the deal is expected to expand Lufthansa’s business in Latin America, with a strong focus on Brazil, a region where the German group sees growth potential.
Once the stake is secured, Lufthansa intends to expand TAP’s operations in Brazil, strengthen Lisbon’s airport, and increase the airline’s presence in Porto. These steps are meant to deepen TAP’s network while leveraging Lufthansa’s own operational expertise.
The transaction is expected to be completed by 2028. This timeline reflects the need for further approvals and regulatory checks before the stake can be formally transferred.
Before the sale, TAP Air Portugal had been state‑owned during the 2020 pandemic. Portugal is now privatizing the airline, moving it out of direct government control and opening its capital to strategic investors like Lufthansa.
The acquisition must comply with EU-Beihilferegeln, the European Union’s rules on state aid that prohibit further subsidies. This condition ensures that the transaction proceeds without additional public financial support for either party.
Lufthansa Group already owns Swiss International Air Lines, Austrian Airlines, Brussels Airlines, Air Dolomiti, and ITA Airways. Adding a large stake in TAP would extend this portfolio into the Iberian‑Atlantic space.
TAP Air Portugal operates a fleet of 100 aircraft, a figure that gives a sense of the scale of the airline whose shares are being bought.
As of the announcement date, the deal is pending regulatory approvals and is set to reshape Lufthansa’s reach into South America while giving TAP a new strategic partner amid its privatization process.