{"id":28046456,"date":"2026-10-14T17:34:50","date_gmt":"2026-10-14T15:34:50","guid":{"rendered":"https:\/\/migflug.com\/afterburner\/lufthansa-wins-tap-air-portugal-privatisation-2026\/"},"modified":"2026-10-14T17:35:10","modified_gmt":"2026-10-14T15:35:10","slug":"lufthansa-wins-tap-air-portugal-privatisation-2026","status":"publish","type":"post","link":"https:\/\/migflug.com\/afterburner\/it\/lufthansa-wins-tap-air-portugal-privatisation-2026\/","title":{"rendered":"Lufthansa Wins TAP Air Portugal: \u20ac1.2 Billion for a 49.9% Stake"},"content":{"rendered":"<style>.et_pb_title_container h1.entry-title { padding-top: 40px !important; }<\/style>\r\n\r\n<!-- mfsh:top -->\r\n\r\n<style>\r\n.mfsh-trigger{display:inline-flex;align-items:center;gap:10px;height:44px;padding:0 18px;margin:0 0 26px;border:2px solid 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After a meeting of the Council of Ministers in Lisbon on Wednesday, 14 October, Prime Minister Lu\u00eds Montenegro announced that the government had chosen the German group over Air France-KLM to buy 49.9% of the Portuguese flag carrier.<\/p>\r\n\r\n<p>The offer is worth \u20ac1.201 billion and implies a value of \u20ac2.407 billion for the whole airline, according to Portuguese business daily ECO. It ends a contest that <a href=\"https:\/\/migflug.com\/afterburner\/tap-air-portugal-privatisation-air-france-klm-lufthansa-binding-offers-2026\/\">Afterburner covered in July<\/a>, when the two groups lodged binding offers. The deal is not done yet: contracts still have to be signed, and Brussels has to approve it.<\/p>\r\n\r\n\r\n<div style=\"background:#f5f6f8;border-left:4px solid #5C91FF;padding:18px 22px;margin:26px 0\">\r\n<p style=\"margin:0 0 10px;font-weight:700;color:#0d1117;font-size:17px\">Quick Facts: Lufthansa and TAP Air Portugal<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Announced:<\/strong> 14 October 2026, after Portugal's Council of Ministers<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Stake:<\/strong> 49.9%: 44.9% to Lufthansa plus up to 5% offered to TAP employees<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Price:<\/strong> \u20ac1.201 billion in total, implying \u20ac2.407 billion for 100% of TAP (ECO)<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Rival bid:<\/strong> Air France-KLM, \u20ac1.038 billion plus a possible \u20ac100 million earn-out<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Fleet promise:<\/strong> From 101 aircraft today to 117 by 2035 and 130 after Lisbon's new airport opens<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Extras:<\/strong> Up to eight A350-900s transferred after 2030; a military and civil flight school at Tancos<\/p>\r\n<p style=\"margin:3px 0;font-size:15px\"><strong>Expected closing:<\/strong> 2028, after EU competition review<\/p>\r\n<\/div>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">What Lufthansa Is Paying<\/h2>\r\n\r\n<p>ECO broke the \u20ac1.201 billion down. Lufthansa offered \u20ac1.025 billion for 44.9% of TAP, plus \u20ac118 million for the 5% that will be offered to TAP employees at the same price; any shares the staff do not take up will be bought by Lufthansa. Another \u20ac58 million covers the catering company Cateringpor and the ground-handling firm SPdH, and there is an adjustment mechanism linked to TAP's results.<\/p>\r\n\r\n<p>The Air France-KLM bid totalled \u20ac1.038 billion, 13.6% less, with a possible \u20ac100 million more if TAP hit profit and debt targets by 2028. ECO reports that uncertainty over that extra payment weighed on the government's decision.<\/p>\r\n\r\n\r\n<div style=\"background:#f8f9fa;border-left:4px solid #5C91FF;padding:20px 22px;margin:18px 0 24px;font-size:16px;line-height:1.7;display:flex;gap:20px;align-items:flex-start\"><div><em>&ldquo;Having assessed the proposals, the Government's decision falls on the Lufthansa group, whose financial proposal is 16% higher than the competing proposal and with a lower degree of uncertainty.&rdquo;<\/em><div style=\"margin-top:10px;font-size:14px;color:#555\"><strong>Lu\u00eds Montenegro<\/strong> &mdash; Prime Minister of Portugal, 14 October 2026 (via RTP, translated)<\/div><\/div><\/div>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">More Aircraft, a Flight School and A350s<\/h2>\r\n\r\n<p>Lufthansa also won on investment. It has promised to grow TAP's fleet from 101 aircraft to 117 by 2035, and to 130 once Lisbon's new airport opens, in a plan ECO says could reach \u20ac4 billion. That includes the transfer of up to eight Airbus A350-900s after 2030. Lufthansa already flies the type on long-haul routes from Munich.<\/p>\r\n\r\n\r\n<figure class=\"wp-block-image size-large\" style=\"margin:0 0 24px;width:100%\"><img decoding=\"async\" class=\"skip-lazy\" data-no-lazy=\"1\" loading=\"eager\" width=\"1024\" src=\"https:\/\/migflug.com\/afterburner\/wp-content\/uploads\/sites\/4\/2026\/10\/lufthansa-airbus-a350-900-d-aixk-munich.jpg\" alt=\"Lufthansa Airbus A350-900 D-AIXK at Munich Airport\" style=\"width:100%;height:auto;max-width:100%;display:block\"><figcaption style=\"font-size:13px;color:#777;text-align:center;margin-top:6px;font-style:italic\">A Lufthansa Airbus A350-900. Up to eight of the type could move to TAP after 2030 under Lufthansa's plan. Photo: TJDarmstadt (CC BY 2.0)<\/figcaption><\/figure>\r\n\r\n\r\n<p>The most unusual promise is aviation training. Lufthansa has committed to creating a military and civil flight school at the Tancos base, with 200 jobs and hundreds of millions of euros for new infrastructure, according to ECO. Both bidders guaranteed existing jobs and collective agreements.<\/p>\r\n\r\n<p>Lufthansa also made an offer for a second phase: \u20ac863 million for the remaining 50.1% of TAP, plus a 5% stake in the Lufthansa Group worth \u20ac488 million. Lisbon has not decided whether to sell the rest.<\/p>\r\n\r\n<h2 style=\"padding-top:22px\">TAP Joins SWISS, Austrian and ITA<\/h2>\r\n\r\n<p>TAP will become the sixth network airline in the group, alongside Lufthansa itself, SWISS, Brussels Airlines, <a href=\"https:\/\/migflug.com\/afterburner\/austrian-airlines-boeing-767-oe-laz-retired-2026\/\">Austrian Airlines<\/a> and ITA Airways, where Lufthansa holds 41% and has a deal to reach 90%. TAP stays in the Star Alliance, and Lufthansa plans to ask for it to join the transatlantic joint venture with United Airlines.<\/p>\r\n\r\n<p>The prize is South America. TAP carried 16.7 million passengers last year and leads European flying to Brazil; the Lufthansa Group carried 135 million. ECO reports that the deal lifts Lufthansa's share of the Latin American market from 9% to 20%.<\/p>\r\n\r\n\r\n<div style=\"position:relative;padding-bottom:56.25%;height:0;overflow:hidden;margin:24px 0 6px\"><iframe class=\"skip-lazy\" data-no-lazy=\"1\" loading=\"eager\" src=\"https:\/\/www.youtube.com\/embed\/qqygU6WwZPM\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0\" allowfullscreen><\/iframe><\/div><p style=\"font-size:13px;color:#777;text-align:center;margin:6px 0 24px;font-style:italic\">Portuguese news coverage of the TAP decision. Video: NOW Canal<\/p>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">What Happens Next<\/h2>\r\n\r\n<p>Lufthansa may now be invited to a final round of negotiation. After that, Portugal's Council of Ministers has to approve the contracts, including the share purchase and the shareholders' agreement, with signing planned by the end of the year. Then come approvals from Portugal's aviation and competition regulators and, above all, from the European Commission.<\/p>\r\n\r\n\r\n<div style=\"background:#f8f9fa;border-left:4px solid #1565c0;padding:20px 22px;margin:18px 0 24px;font-size:16px;line-height:1.7;display:flex;gap:20px;align-items:flex-start\"><div><em>&ldquo;The Government will decide this month who has won, and then the process begins with the European Commission's Directorate-General for Competition, which may take 18 to 24 months.&rdquo;<\/em><div style=\"margin-top:10px;font-size:14px;color:#555\"><strong>Joaquim Miranda Sarmento<\/strong> &mdash; Minister of Finance of Portugal, presenting the 2027 budget (via ECO, translated)<\/div><\/div><\/div>\r\n\r\n\r\n<p>He expects the deal to close in 2028. Only then will Lufthansa actually own its stake and TAP employees get the chance to buy their 5%.<\/p>\r\n\r\n<p><em>Sources: ECO (\"Lufthansa paga 1.201 milh\u00f5es e vence privatiza\u00e7\u00e3o da TAP\", 14 October 2026); RTP (14 October 2026); Renascen\u00e7a\/SIC Not\u00edcias (14 October 2026).<\/em><\/p>\r\n\r\n<!-- mfsh:bottom -->\r\n\r\n<button type=\"button\" class=\"mfsh-trigger mfsh-bottom\" data-mfsh-placement=\"bottom\" aria-haspopup=\"dialog\"><svg><use href=\"#mfsh-i-share\"\/><\/svg>Share this story<\/button>\r\n\r\n<!-- \/mfsh:bottom -->\r\n\r\n\r\n<style>.mfq{margin:34px 0 8px}.mfq h2{font:26px\/1.3 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117;padding-top:22px;margin:0 0 6px}.mfq .qa details{border-top:1px solid #5C91FF;margin:0;padding:0}.mfq .qa details:last-of-type{border-bottom:1px solid #e2e7ee}.mfq .qa summary{cursor:pointer;list-style:none;display:flex;justify-content:space-between;align-items:center;gap:16px;padding:22px 26px;font:18px\/1.7 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117}.mfq .qa summary::-webkit-details-marker{display:none}.mfq .qa summary::after{content:\"+\";font:24px Helvetica,sans-serif;color:#3568e0;flex:0 0 auto}.mfq .qa details[open] summary::after{content:\"\\2013\"}.mfq .qa details:hover summary{color:#3568e0}.mfq .qa .a{font:16px\/1.7 \"Gilroy regular\",Helvetica,Arial,sans-serif;color:#454e5e;padding:0 26px 24px}.mfq .qa .a a{color:#3568e0}@media(max-width:680px){.mfq .qa summary{padding:18px 14px;font-size:17px}.mfq .qa .a{padding:0 14px 20px}}<\/style>\r\n\r\n\r\n\r\n<style>.mfq{margin:34px 0 8px}.mfq h2{font:26px\/1.3 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117;padding-top:22px;margin:0 0 6px}.mfq .qa details{border-top:1px solid #5C91FF;margin:0;padding:0}.mfq .qa details:last-of-type{border-bottom:1px solid #e2e7ee}.mfq .qa summary{cursor:pointer;list-style:none;display:flex;justify-content:space-between;align-items:center;gap:16px;padding:22px 26px;font:18px\/1.7 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117}.mfq .qa summary::-webkit-details-marker{display:none}.mfq .qa summary::after{content:\"+\";font:24px Helvetica,sans-serif;color:#3568e0;flex:0 0 auto}.mfq .qa details[open] summary::after{content:\"\\2013\"}.mfq .qa details:hover summary{color:#3568e0}.mfq .qa .a{font:16px\/1.7 \"Gilroy regular\",Helvetica,Arial,sans-serif;color:#454e5e;padding:0 26px 24px}.mfq .qa .a a{color:#3568e0}@media(max-width:680px){.mfq .qa summary{padding:18px 14px;font-size:17px}.mfq .qa .a{padding:0 14px 20px}}<\/style>\r\n\r\n\r\n<section class=\"mfq\"><h2>Frequently Asked Questions<\/h2><div class=\"qa\"><details open><summary>Who won the TAP Air Portugal privatisation?<\/summary><div class=\"a\">The Lufthansa Group won. On 14 October 2026 Portugal's Council of Ministers chose Lufthansa over Air France-KLM to buy 49.9% of TAP Air Portugal: 44.9% for Lufthansa and up to 5% offered to TAP employees. Prime Minister Lu\u00eds Montenegro said the Lufthansa offer was 16% higher and less uncertain.<\/div><\/details><details><summary>How much is Lufthansa paying for TAP?<\/summary><div class=\"a\">According to ECO, Lufthansa's offer totals \u20ac1.201 billion. That covers \u20ac1.025 billion for 44.9%, \u20ac118 million for the 5% employee tranche, \u20ac58 million for Cateringpor and SPdH, plus an adjustment linked to results. It implies a value of \u20ac2.407 billion for the whole of TAP.<\/div><\/details><details><summary>What did Lufthansa promise TAP?<\/summary><div class=\"a\">Lufthansa promised to grow TAP's fleet from 101 aircraft to 117 by 2035 and 130 after Lisbon's new airport opens, including up to eight Airbus A350-900s after 2030. It also committed to a military and civil flight school at the Tancos base and to keeping existing jobs and collective agreements.<\/div><\/details><details><summary>Will TAP stay in Star Alliance?<\/summary><div class=\"a\">Yes. With Lufthansa as its new shareholder, TAP Air Portugal stays in the Star Alliance. Lufthansa plans to ask for TAP to join its transatlantic joint venture with United Airlines, as it did for ITA Airways, and United has written to the Portuguese government expressing interest.<\/div><\/details><details><summary>When will the Lufthansa TAP deal be completed?<\/summary><div class=\"a\">Contracts are planned to be signed by the end of 2026, but the deal needs regulatory approvals, above all from the European Commission. Portugal's finance minister, Joaquim Miranda Sarmento, said the EU competition review may take 18 to 24 months and expects closing in 2028.<\/div><\/details><details><summary>Which airlines are in the Lufthansa Group?<\/summary><div class=\"a\">The Lufthansa Group's network airlines are Lufthansa, SWISS, Austrian Airlines, Brussels Airlines and ITA Airways, in which it holds 41% with an agreement to reach 90%. TAP Air Portugal will become the sixth. The group also owns low-cost carrier Eurowings and regional airlines.<\/div><\/details><\/div><\/section>\r\n\r\n\r\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Who won the TAP Air Portugal privatisation?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Lufthansa Group won. On 14 October 2026 Portugal's Council of Ministers chose Lufthansa over Air France-KLM to buy 49.9% of TAP Air Portugal: 44.9% for Lufthansa and up to 5% offered to TAP employees. Prime Minister Lu\u00eds Montenegro said the Lufthansa offer was 16% higher and less uncertain.\"}},{\"@type\":\"Question\",\"name\":\"How much is Lufthansa paying for TAP?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"According to ECO, Lufthansa's offer totals \u20ac1.201 billion. That covers \u20ac1.025 billion for 44.9%, \u20ac118 million for the 5% employee tranche, \u20ac58 million for Cateringpor and SPdH, plus an adjustment linked to results. It implies a value of \u20ac2.407 billion for the whole of TAP.\"}},{\"@type\":\"Question\",\"name\":\"What did Lufthansa promise TAP?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Lufthansa promised to grow TAP's fleet from 101 aircraft to 117 by 2035 and 130 after Lisbon's new airport opens, including up to eight Airbus A350-900s after 2030. 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The group also owns low-cost carrier Eurowings and regional airlines.\"}}]}<\/script><div style=\"background:#f0f4ff;border-left:4px solid #5C91FF;padding:16px 20px;margin:32px 0 8px\">\r\n<p style=\"margin:0 0 8px;font-weight:600;color:#333\">Related Posts<\/p>\r\n<p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/tap-air-portugal-privatisation-air-france-klm-lufthansa-binding-offers-2026\/\">Air France-KLM and Lufthansa Fight Over TAP<\/a><\/p>\r\n<p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/austrian-airlines-boeing-767-oe-laz-retired-2026\/\">Austrian Airlines Retires Boeing 767 OE-LAZ: Two 767s Left After 38 Years<\/a><\/p>\r\n<p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/lufthansa-group-20-boeing-737-max-10-order-2026\/\">Lufthansa Orders 20 Boeing 737 MAX 10 to Replace Airbus Jets<\/a><\/p>\r\n<p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/lufthansa-100-years-super-star-parable-livery-a321\/\">Lufthansa Put a 1950s Design on a Modern Jet<\/a><\/p>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>Portugal picks Lufthansa over Air France-KLM for 49.9% of TAP: \u20ac1.201 billion, a promise of 130 aircraft, A350s and a flight school at Tancos. Closing is expected in 2028.<\/p>","protected":false},"author":25,"featured_media":28046267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"editor_notices":[],"footnotes":""},"categories":[665,670],"tags":[],"class_list":["post-28046456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation-world","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lufthansa Wins TAP Air Portugal: \u20ac1.2 Billion for a 49.9% Stake | MiGFlug<\/title>\n<meta name=\"description\" content=\"Lufthansa wins TAP Air Portugal: Portugal picks the German group over Air France-KLM for 49.9%, at \u20ac1.201 billion, with 130 aircraft promised. 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