Air France-KLM and Lufhansa Group have each submitted their bids for a minority stake in TAP Air Portugal, the Portuguese national carrier.
Parpública, the country’s state-owned investment company, will now consider both offers. Lufthansa Group say the airline would fit well into their roster of European carriers, while Air France-KLM point to their support from venture partners Delta Air Lines.
In a statement, Lufthansa Group CEO Carsten Spohr said the Group had a ‘long-standing, trusted, and strategic partnership with Portugal’. As both carriers are members of Star Alliance, taking a minority stake in TAP represents the ‘next logical step’ in development.
Spohr continues:
We want to strengthen Portugal’s national airline as part of the Lufthansa Group and as the leading airline for the South Atlantic, with Lisbon as a strategic hub. With SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways, we have demonstrated how the European integration of our Lufthansa Group secures prospects and growth for our home markets and hubs.
On the other side, Air France-KLM CEO Benjamin Smith stressed the ‘support and alignment’ his airline has received from partners Delta. He says his team has worked closely with Portuguese stakeholders for three years to propose ‘a strategic, extensive, and comprehensive long-term plan for TAP and for Portugal as a whole’.
Smith concludes:
Our overarching goal to ensure long-term growth for TAP, not only in Lisbon but also in Porto and other cities in Portugal, and to do so sustainably, as part of a robust and international group determined to bring value to its airlines’ home countries.
International Airlines Group (IAG) also considered purchasing the TAP stake, but pulled out of proceedings in April due to antitrust concerns.
The Portuguese authorities have been seeking a new partner in TAP ownership since 2022. Renationalised in 2020, the airline quickly fell into crisis as it struggled to navigate the Covid-19 pandemic. TAP leadership say they are not just looking for the right price, but also a strong strategic direction that can transform the carrier’s prospects.
Both Lufthansa Group and Air France-KLM have recently welcomed new airlines to their roster. Lufthansa acquired a 41% stake in ITA Airways in January 2025, with the option for the carrier to become a full subsidiary after 2029.
Air France-KLM became stakeholders in Scandinavian Airlines (SAS) in 2023. In July last year they confirmed they were planning to increasing their stake to 60.5%.
TAP Air Portugal serves a range of destinations across Europe, Africa, and the Americas. Its strong presence in Brazil would be especially valuable to any future partner. Parpública are expected to announce who takes control of the minority stake in September.
Join us at World Aviation Festival 2026 in Lisbon this October. TAP Air Portugal are the Official Airline Partner of the event, and CEO Luis Rodrigues will be discussing their business transformation on the Keynote Stage.
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