Portugal Launches TAP Reprivatization Process, Eyes Sale Of 49.9% Stake

[malpensante]

Portugal Launches TAP Reprivatization Process, Eyes Sale Of 49.9% Stake

David Casey July 10, 2025


The Portuguese government has formally approved the launch of a partial reprivatization of TAP Air Portugal, initiating a process that could see up to 49.9% of the national carrier sold.

The move was confirmed during a meeting of the Council of Ministers, where Prime Minister Luís Montenegro said the sale represents the fulfillment of a key election and government pledge.

According to the government, 44.9% of TAP’s capital will be opened to one or more strategic investors, with a further 5% reserved for employees, in line with existing privatization legislation. The government intends to select buyers based on how well their proposals align with national interests.

“This is an objective we want to ensure—that our airline safeguards the hub in Lisbon, safeguards the use of all the country's airport infrastructure,” Montenegro said in a statement translated from Portuguese. That includes not just the existing Lisbon Airport and the planned Luís de Camões Airport in Lisbon, but also airports in Porto, Faro and Portugal’s autonomous regions.

Montenegro added that TAP must become “profitable, well-managed, competitive, financially sustainable and serving the country's strategic interests.”

TAP is the largest airline in Lisbon, accounting for 46% of weekly seat capacity, according to data from OAG Schedules Analyser. The carrier operates 100 routes, including eight domestic services, and has a fleet of 102 aircraft with 22 more on order—comprising 10 A320neos, 10 A321neos and two A330-900s.

The airline is a major player on South Atlantic routes, particularly to Brazil, where it holds more than 25% of total capacity between Europe and Brazil. TAP serves 13 destinations in the country, including secondary markets such as Recife, Fortaleza and Manaus. Alongside its European network, it also maintains strong links to Portuguese-speaking Africa and operates transatlantic flights to North America, including a recently launched Lisbon–Los Angeles route.

Despite reporting a €108.2 million ($126.4 million) net loss in the first quarter of 2025—widening from a €90.1 million loss year-on-year—the airline ended 2024 in solid financial health, posting €875 million in EBITDA and record revenues of €4.2 billion.

Major European airline groups—International Airlines Group, Lufthansa Group and Air France–KLM—are all expected to submit bids as they look to strengthen their foothold in the increasingly competitive South Atlantic market.


https://aviationweek.com/air-transport/ ... 9d33d8b77e

[cesare.caldi]

Ho perso il conto del numero di tentativi di privatizzazione di TAP, siamo a un record mondiale e tutti finora sono finiti male. Vediamo se questo ennesimo tentativo sarà quello buono

[malpensante]

Ci sono tre fidanzati potenziali.

[malpensante]

TAP Prepares For Privatization With Focus On Core Strengths

David Casey September 25, 2025

HONG KONG—TAP Air Portugal CEO Luís Rodrigues says the carrier is entering a pivotal phase as the Portuguese government launches a partial privatization process, stressing that operational excellence is key to attracting the right strategic partner.

Speaking during a pre-recorded keynote interview at Routes World 2025, Rodrigues explained that TAP has been preparing for privatization by focusing on performance—rather than speculating about potential future shareholders.

“We’ve been preparing for the whole process by running the airline to the best of our abilities,” Rodrigues told delegates. “I told the team from day one: We need to run this as if privatization isn’t going to happen.”

He explained this approach was necessary for two reasons—first, to ensure the airline remains stable regardless of political timelines, and second, so that any future investor finds “a properly run airline, not one that’s paralyzed or afraid of what’s coming.”

The Portuguese government has approved the sale of up to 49.9% of TAP, with 44.9% available to strategic investors and 5% reserved for employees. The process is expected to conclude by early summer 2026, followed by a regulatory review. Interested airline groups have a 60-day window to express interest, with binding offers expected next year.

Rodrigues confirmed that a dedicated team has been set up to manage the sale, allowing him to focus on operations. “I was very glad the government appointed a new chairman to focus on privatization, so I can concentrate on the day-to-day business,” he said.

TAP’s strategic value lies in its South Atlantic network, particularly its dominance on routes to Brazil. The airline holds 25.6% of Europe–Brazil capacity, ahead of LATAM (22.9%) and Air France (9.4%), according to OAG Schedules Analyser data.

“We’re flying 11 different routes in Brazil, of which nine are cities we’re the only airline connecting to Europe,” Rodrigues said. “There’s obviously significant value in that, and any group will be looking at it carefully.”

Although TAP has a large slot portfolio at Lisbon Airport, Rodrigues said that its infrastructure remains a major constraint, even as a 99-aircraft fleet cap imposed during restructuring is set to expire at the end of 2025. “There are no slots available,” he said. “It’s no use growing the fleet if we can’t use the aircraft.”

TAP is expanding from secondary airports like Porto, recently launching long-haul services to Boston. “Porto … has potential to become a mini-hub,” Rodrigues said. “That’s probably one of our biggest growth opportunities to expand our network.”

While TAP is a longstanding member of Star Alliance, Rodrigues said alliance affiliation should not be a decisive factor in the privatization. “If ultimately we were to leave Star, it would be a painful transition—but limited in time and cost,” he said.

On fleet strategy, he added that TAP remains committed to its Airbus and Embraer aircraft, saying that no fleet renewal decisions would be made until the new shareholder is in place. “It’s a long-term process … and they must have a voice in those decisions,” Rodrigues said.


https://aviationweek.com/air-transport/ ... 9d33d8b77e

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TAP’s strategic value lies in its South Atlantic network, particularly its dominance on routes to Brazil. The airline holds 25.6% of Europe–Brazil capacity, ahead of LATAM (22.9%) and Air France (9.4%), according to OAG Schedules Analyser data.

“We’re flying 11 different routes in Brazil, of which nine are cities we’re the only airline connecting to Europe,” Rodrigues said. “There’s obviously significant value in that, and any group will be looking at it carefully.”

Il peso attuale di ITA nel traffico Europa-Brasile non è significativo e tale continuerebbe ad essere, se TAP finisse sotto il controllo di Lufthansa.

Se TAP finisse a Air France-KLM, IAG potrebbe lanciare nuove rotte sottili da Madrid, come sta facendo con A321XLR, Lufthansa invece non avrebbe altra possibilità che aumentare a Fiumicino.

[robix]

Se TAP finisse a Air France-KLM, IAG potrebbe lanciare nuove rotte sottili da Madrid, come sta facendo con A321XLR, Lufthansa invece non avrebbe altra possibilità che aumentare a Fiumicino.

Anche perchè nel frattempo UX è finita nell'area TK (articolo del Sole di ieri: https://www.ilsole24ore.com/art/le-moss ... fresh_ce=1), anche se ovviamente come socio di minoranza e quindi dovendo "convivere" con IAG (sempre se prima o poi non litigheranno). Quindi a LHG non restano che TAP o ITA per il Sud America.

[malpensante]

Con ITA che può essere soltanto un ripiego.

[easyMXP]

Se le dichiarazioni di LHG non sono gonfiate in negativo, alla privatizzazione di TAP AFKLM si presenta molto più in salute.

[cesare.caldi]

“We’re flying 11 different routes in Brazil, of which nine are cities we’re the only airline connecting to Europe"

In pratica tranne San Paolo e Rio dove volano un po tutti, le altre 9 destinazioni che serve in Brasile sono un monopolio di TAP e i monopoli si sa portano parecchi soldi.

[cesare.caldi]

Se le dichiarazioni di LHG non sono gonfiate in negativo, alla privatizzazione di TAP AFKLM si presenta molto più in salute.

Non sono gonfiate in negativo, se leggi nell' altro thread, settimana prossima LH annuncierà un taglio di 3000 posti di lavoro in Germania.

[robix]

Metto qui per non aprire un nuovo thread.

Air France-KLM presenta un’offerta per la portoghese Tap
https://www.ilsole24ore.com/art/air-fra ... p-AIS9EMJC

A mio avviso è la soluzione più logica, anche per evitare lo "strapotere" di LHG se dovesse acquisire anche TAP (cosa che a mio avviso non dovrebbe neppure essere consentita dalla EU). Ammettendo che effettivamente TAP passi ad AFKL e quindi entri in ST, per il Sud America l'hub di SA (FCO) sarebbe ovviamente quello messo peggio rispetto a ST e OW. Tuttavia se TAP entrasse invece in LHG, l'importanza di FCO per il Sud America in LHG sarebbe ovviamente alquanto ridotta (quindi da "grande fan" di FCO quale sono, speriamo che TAP finisca in AFKL).

[cesare.caldi]

A proposito di voli Europa-Sud America, anche Air Europa è in vendita da diversi anni, alle fine qualcuno l'ha comprata o stanno ancora decidendo?

Se non sbaglio Air Europa è in SkyTeam quindi a logica Air France dovrebbe interessarsi piu' a loro che a TAP

[malpensante]

Ne ha preso una quota importante Turkish.

[Mattia]

Anche LH ha fatto un'offerta

[cesare.caldi]

Ne ha preso una quota importante Turkish.

Quindi Air Europa uscirà da Skyteam per passare in Star?

[malpensante]

Nessuna notizia al riguardo.