Lufthansa to buy 44.9% stake in TAP Air Portugal

Summarised from 2 outlets · Updated 14 Oct, 14:03 · Archive

Lufthansa is buying a 44.9% stake in Portuguese flag carrier TAP Air Portugal in a deal the Portuguese government valued at 1.2 billion euros, announced Wednesday. The German airline outbid Air France-KLM, which was the only other bidder in the process, Portuguese Prime Minister Luis Montenegro said.

The government set aside 5% of the company for TAP's more than 9,000 employees to purchase shares, with the government remaining the main shareholder. The deal still requires approval by European Union regulators. The government may conclude TAP's complete privatization by 2028, Montenegro said.

TAP carried 16.7 million passengers last year and operates more than 90 aircraft flying to over 90 destinations globally. The airline's routes to Brazil are particularly prized by analysts. The company made a net profit of 4.1 million euros last year. Two previous attempts to sell stakes in the airline, in 1998 and 2015, failed, with the Portuguese government taking the company back into state ownership both times.

How it is being reported

• Lufthansa to buy 44.9% of TAP Air Portugal in €1.2B dealLufthansa is buying a 44.9% stake in TAP Air Portugal in a deal valued at 1.3 billion dollars.Clickorlando · 14 Oct, 13:44
• Lufthansa to buy 44.9% of TAP Air Portugal in €1.2B dealLufthansa is buying a 44.9% stake in TAP Air Portugal in a deal valued at 1.3 billion dollars.News4Jax · 14 Oct, 13:44

In this story: Lufthansa · TAP Air Portugal · Air France-KLM · Portugal · Luis Montenegro

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