On Wednesday, both Lufthansa Group and Air France-KLM lodged binding offers to acquire a stake in TAP Air Portugal, meeting the final deadline set by the Portuguese government’s re-privatization process. The bids target the roughly 49.9% holding Lisbon has been trying to sell since last September, when officials first invited major international carriers to compete for a role in the airline’s future. The rival proposals set up one of the most closely watched contests in European aviation this year.
Air France-KLM said it is bidding for a stake between roughly 44.9% and 49.9%, and has pledged to build up Lisbon as a dedicated southern European hub within its network. Lufthansa did not disclose the exact size of the stake it wants, but struck a similar note, framing its offer around a long-term partnership meant to secure TAP’s future as Portugal’s flag carrier while expanding connections to Latin America, Africa and North America through Lisbon.
Parpública, the state holding company overseeing the sale, now has 30 days to evaluate both offers before the government picks a preferred bidder, pushes for better terms, or rejects both proposals outright. Officials have indicated a winner is likely to be named this autumn, though the transaction itself is not expected to reach financial close until 2027 given the regulatory and integration work involved.
For travelers, the outcome could reshape how Lisbon fits into transatlantic and African routing over the next several years, since both suitors are proposing to grow the airport’s role as a connecting hub rather than simply folding TAP into an existing network. Fare and schedule changes tied to the deal are not expected in the near term, but the contest is a reminder that Europe’s mid-sized national carriers remain attractive prizes for the continent’s largest airline groups.
Sources: Bloomberg, AirlineGeeks
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