TAP privatization relaunches as Portugal seeks strategic airline partners

The sale will occur in four phases: pre-qualification (60 days), proposal submissions (Q4), binding offers (short-listed participants), and final negotiations with a preferred bidder.

Portuguese Prime Minister Luís Montenegro emphasized finding “a strategic partner with aviation expertise" to make TAP globally competitive: "I am convinced that there will be many interested parties... Ideally, we will see TAP integrated into a larger group within a year."

Investors would acquire a stake in one of Europe's top 20 airlines by passenger count and fleet size. In 2024, TAP carried 16 million passengers and reported €53.7 million net income on €4.2 billion revenue. Its mainline carrier operates an all-Airbus fleet of 80 aircraft with additional orders pending.

TAP serves an extensive network in Brazil and North America from its Lisbon base, appealing factors for potential investors.

Lufthansa Group is considered a frontrunner due to its Star Alliance partnership with TAP and interest in expanding into Latin America despite recent acquisitions like ITA Airways.

IAG might pursue TAP after abandoning plans for Air Europa but may face regulatory challenges due to network overlaps.

Air France-KLM has shown interest as well, potentially forming global consortiums similar to previous ventures involving SkyTeam partners.