Lufthansa has secured the award for a 44.9% stake in Portuguese airline TAP, prevailing over rival Air France-KLM according to sources familiar with the matter. The government in Lisbon decided on the measure in the cabinet. The infrastructure ministry declined to comment, as did Lufthansa and Air France-KLM.
Portugal is seeking to partially privatize the airline, which was nationalized during the 2020 coronavirus crisis, and restarted the process in July 2025. Air France-KLM and Lufthansa submitted their final bids for the stake in September, following requests from the Portuguese government for improvements from both interested parties. According to the government, the airline must become part of an aviation group because EU state aid rules prohibit further government assistance.
For Lufthansa, connections to Latin America, particularly Brazil, are of primary interest. The group has previously stated that Lisbon is to be strengthened as a hub and the national identity of TAP preserved, similar to other subsidiaries in the group. TAP is also attractive due to its connections to Portuguese-speaking Africa and the United States.
At the end of June, TAP operated an active fleet of 101 aircraft serving 93 destinations worldwide, comprising 52 in Europe, 16 in Central and South America, 14 in Africa, and 11 in North America. In the first half of 2026, TAP transported 8.2 million passengers, marking a record high for passenger volume. Operating revenues rose by 4.3% to 2.04 billion euros, also a peak figure. However, the net loss for the first half widened to 99.2 million euros from 70.7 million euros in the previous year, primarily driven by increased kerosene costs.
