- Lufthansa has won the bidding process to acquire a 44.9pc stake in TAP Air Portugal
- The deal is valued at €1.2bn
- Lufthansa committed €500m toward infrastructure initiatives
- TAP’s fleet will expand from 101 aircraft to 117 by 2035
- The transaction faces EU antitrust scrutiny with closure targeted for 2028
Lufthansa has won the bidding process to acquire a 44.9pc stake in Portugal’s flag carrier TAP Air Portugal in a privatisation deal valued at €1.2bn. Portuguese Prime Minister Luís Montenegro revealed the decision on 14 October 2026 following a competitive race where Lufthansa outbid Air France-KLM with an all-cash offer.
Lufthansa assumes an initial 44.9pc minority stake and takes over executive and operational management. The Portuguese government retains a 50.1pc majority holding and reserved 5pc of shares for TAP’s 9,000 employees to purchase. Lufthansa Group committed €500m toward infrastructure initiatives and plans to expand TAP’s fleet from 101 aircraft to 117 by 2035.
TAP’s brand identity, Lisbon hub and corporate headquarters remain Portuguese. The deal unlocks strategic value for Lufthansa by securing a gateway to Brazil, North America and Portuguese-speaking Africa via the South Atlantic. The transaction faces scrutiny from European Union antitrust regulators with full closure targeted for 2028.
