The privatisation of TAP Air Portugal is entering a decisive stage, with the Portuguese government expected to make a final decision on the airline’s future in early September 2026.
According to Essential Business, Air France-KLM and Lufthansa have submitted binding offers for a 49.9% stake in TAP. The airline is currently valued between €1.4 billion and €2 billion, making the transaction one of the most significant developments in Portugal’s aviation sector.
Air France-KLM is among the main candidates to become TAP’s strategic partner. The group’s interest is particularly relevant given the potential for greater integration and cooperation between TAP and the wider Air France-KLM network, which includes KLM Royal Dutch Airlines.
The privatisation process includes the requirement for Lisbon to remain TAP’s operational hub, an important condition for the Portuguese government. The final decision will be taken by the Portuguese Council of Ministers, following the evaluation of the binding proposals.
The outcome of the process could have a significant impact on TAP’s future positioning within the European aviation market and on Portugal’s connectivity with key international destinations.
As the decision approaches, we wish all candidates the best of luck, although, of course, we may have a slight favourite!