Lufthansa and IAG Express Interest in TAP Air Portugal Stake Ahead of Deadline
Portugal’s national airline, TAP Air Portugal, is the center of attention as various major airline groups express interest in acquiring a minority stake. With the deadline for bids nearing, both the Lufthansa Group and International Airlines Group (IAG) recently confirmed their involvement in the bidding process.
On November 21, 2025, both Lufthansa and IAG made their official intentions known to participate in the privatization of TAP Air Portugal. Earlier in the week, the Air France-KLM Group also declared its intention to enter the bidding contest.
All proposals must be submitted by 16:59 on November 22, 2025, to remain in consideration for the next steps in this bidding journey.
In August 2025, Portugal’s President Marcelo Rebelo de Sousa approved a government decree facilitating the long-anticipated privatization of TAP Air Portugal. The aim is to sell a non-controlling stake of 49.9% in the airline.
Lufthansa Group, which operates several airlines including SWISS and Brussels Airways, aims to forge a long-term partnership with TAP Air Portugal. The group highlights its existing connections, offering over 280 weekly flights to and from Portugal while employing more than 400 professionals within the country.
Carsten Spohr, CEO of Deutsche Lufthansa AG, stated that the company is enthusiastic about the privatization initiative. He articulated the goal of enhancing Portugal’s global connectivity, preserving TAP’s Portuguese heritage, and ensuring sustainable growth for the airline. Spohr emphasized, “TAP Air Portugal holds significant strategic value for the European aviation sector.”
IAG, which encompasses British Airways, Iberia, and Aer Lingus, disclosed that it sent a letter of interest to TAP Air Portugal’s owner, Parpública. Although IAG has expressed interest, they have noted that several conditions must be addressed before any investment proposal can be made.
A spokesperson for IAG indicated their belief in TAP’s substantial potential within the group. They mentioned that IAG’s decentralized operational model has historically produced leading margins and aligns with the Portuguese government’s goal of protecting TAP. Their track record shows a commitment to investing in airlines, positively impacting customers, employees, local economies, and shareholders.
The Portuguese government is pursuing the privatization of TAP to recoup €3.2 billion in state funding that was utilized to support the airline during the COVID-19 pandemic. The process is expected to be completed by early 2026.
As the aviation industry witnesses these developments, it raises questions about TAP Air Portugal’s future. What are your thoughts on the potential outcomes of this bidding process?
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