Portugal signs TAP sale contract with Lufthansa
Portugal signed a share-sale contract with Lufthansa on Tuesday, finalising the transaction that was first announced in October and moving the partnership toward implementation.
Contract signing formalizes TAP-Lufthansa deal
The signing ceremony took place at TAP Campus, a modern complex located near Lisbon Airport. Attendees included Prime Minister Luís Montenegro, Finance Minister Joaquim Miranda Sarmento and Lufthansa chief executive Carsten Spohr, along with senior representatives from both organisations.
Montenegro praised the agreement, stating that it allows the country to anchor strategic interests and preserve TAP’s identity and brand. He noted that the decision would not have been taken under different circumstances, emphasizing the importance of national control.
Spohr affirmed that TAP will continue to operate as a Portuguese airline. He described the signing as an important milestone for the carrier, for Portugal, and for the Lufthansa group, highlighting the long-term benefits of the collaboration.
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Terms and timeline of the transaction
The offer amounts to 1.201 billion euros for up to 49.9% of TAP’s capital, with a preferred allocation of 5% of the shares reserved for workers. The state will retain 51% and keep a majority on the board.
Until the clearance is granted, TAP will continue to operate independently while Lufthansa provides strategic oversight.
Spohr said the company still intends “to develop Lisbon as one of Lufthansa’s hubs, while preserving its uniqueness”, but recalled that the company’s perspective “is not limited to the capital”. Porto, Funchal, Madeira and the Algarve are also important parts of the group’s strategy.
The deal gives access to new markets, not only in Portugal but also on the African continent and in Latin America, particularly Brazil.
