en.Wedoany.com Reported - On April 2, the Air France-KLM Group formally submitted a non-binding offer to Parpublica, the Portuguese state-owned holding company, to acquire a minority stake in TAP Air Portugal. This move marks the official transition of TAP's privatization process from the expression of interest phase to substantive screening. According to the framework set by the Portuguese government, the sale involves a 49.9% stake, with 44.9% targeted at strategic investors and 5% reserved for employees. By being the first to enter the process, the Air France-KLM Group aims to strengthen its strategic foothold in Southern Europe, Brazil, and African markets through the Lisbon hub.
As one of Europe's top 20 airlines, TAP Air Portugal's asset scale and route network carry significant strategic premium. According to aviation data agency Cirium and official financial reports, TAP transported over 16.5 million passengers in 2025; its operating revenue for the first nine months of 2025 reached €3.28 billion, with a net profit of €55.2 million. Currently, the company operates a mainline fleet of 96 Airbus aircraft and has 21 aircraft on order for future delivery.
The "trident-shaped" international network centered on the Lisbon hub is the core of the bid. TAP currently serves 100 routes, including 11 to North America and 14 to Brazil. Its geographical position offers irreplaceable passenger flow resilience, as it serves more cities in Brazil than any other European airline, in addition to nine destinations in Portuguese-speaking African markets like Angola and Mozambique.
According to the privatization process, Parpublica will submit an evaluation report within the next 30 days, after which the government will determine a shortlist. Selected bidders will then have 90 days to submit binding proposals with clear valuations and strategic commitments. Besides Air France-KLM, the Lufthansa Group has explicitly stated it will submit its proposal within this week. Despite having just completed the acquisition of a 41% stake in ITA Airways in January 2025, Lufthansa executives have emphasized strong interest in TAP. In contrast, British Airways' parent company, International Airlines Group (IAG), currently shows relatively weaker bidding interest due to its preference for acquiring a majority stake.
The Air France-KLM Group's current push aims to establish Lisbon as its third major hub, following Paris-Charles de Gaulle and Amsterdam Schiphol, to counter competitive pressures from Madrid and Rome in Southern Europe. This trend of cross-border airline consolidation reflects that the European aviation industry is entering a stage of stock competition focused on "control of core hubs." For the Portuguese government, introducing strategic investment is not only about financial divestment but also concerns the long-term growth of connectivity for the nation's nine major airports, including Porto, Algarve, and the Azores. The transaction is expected to be finalized in the second half of 2026.
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