The Portuguese Government is set to announce today the winner of the partial privatisation of national airline TAP. Final bids were submitted by Air France-KLM and Lufthansa, with both offers valued at over one billion euros.
The final decision, involving the sale of up to 49.9% of the airline's capital, is subject to a lengthy approval process by the European Commission, which could take 18 to 24 months. Consequently, the completion of the operation and its impact on public debt are not expected until 2028, with financial proceeds not projected for 2027.
Both consortia have presented distinct investment plans and strategies for TAP's future, focusing on route expansion, fleet development, and maintenance. The possibility of the selected investor participating in the airline's co-management before the actual capital acquisition is being considered, though it raises legal questions.
