The sale of up to 49.9% of TAP should be completed in July, as indicated by the Minister of Infrastructure, in a process that sets April 2 as the deadline for submitting proposals to the government. The Portuguese airline is valued at between 1.4 and 1.6 billion euros, in a dossier that involves three large European groups in the sector.
According to SIC Notícias, interested parties Air France KLM, Lufthansa and IAG have already met with the administrators of the Portuguese air carrier, in a preliminary phase that precedes the formalization of the proposals.
A value well below public investment
The independent valuation revealed points to a maximum value of 1,600 million euros. According to the same source, the estimate places the company at between 1.4 and 1.6 billion euros. The newspaper writes that this amount is well below the more than 3 billion euros that the State has injected into the company in recent years, as part of the restructuring process.
Offers must be delivered to the Government by April 2nd. According to the same source, the Minister of Infrastructure hopes to announce the winner of the privatization in July, thus ending one of the most relevant processes in the State’s business sector.
The publication adds that the buyer will have to present clear commitments regarding the maintenance of the hub in Lisbon, the amount to be paid and the company’s growth strategy in the coming years.
Air France’s declared interest
On the day it presented annual results, Air France confirmed that it is preparing a non-binding offer for the Portuguese carrier. According to the same source, the French-Dutch group assumes that it sees TAP as a strategic asset.
Steven Zaat, the group’s financial administrator, said that “in the end it comes down to what they want, what they are comfortable with and what we are comfortable with in our joint approach. TAP can have a central place in the group.”
Brazil at the center of the strategy
Brazil is identified as the main asset of the Portuguese airline. The same source states that routes to South America, in particular connections to the Brazilian market, are seen as the biggest asset in the privatization process.
The head of Air France also highlighted that “they have seen TAP’s margin in recent years. So, let’s say that this is not our concern. They are a good player in South America. Having an entry point into Latin America from the Iberian Peninsula, strategically, would be great for us”.
Results reinforce ambition
The presentation of Air France’s results coincided with the progress of the TAP process. According to , the group recorded profits of 1,750 million euros in 2025.
The three candidates will now have to formalize proposals that meet the Executive’s demands, in a process that should be concluded in July. Until then, the value of the company, the weight of South American routes and the future of the Lisbon hub will be at the center of negotiations.
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