Lufthansa Group and the Portuguese government signed an agreement in Lisbon on 3 November for the acquisition of an initial 44.9% stake in TAP Air Portugal for €1.025 billion. Completion remains subject to regulatory approvals, notably from the European Commission.
The investment will be financed entirely from existing liquidity. Lufthansa could increase its holding to 49.9% by acquiring shares initially offered to employees. Including a contractual “ticking fee”, the total purchase price could reach €1.2 billion.
Lufthansa intends to preserve TAP’s Portuguese identity and develop Lisbon as a group hub, expanding connections to Brazil, Portuguese-speaking Africa and North America. The group estimates that adding TAP would increase its combined share of Europe–Latin America traffic from approximately 9% to 20%.
Lufthansa says a minority holding would enable most of the anticipated synergies, estimated at up to €450 million, while expressing support for eventual full privatisation. Growth plans also encompass Porto, the Azores, Madeira and the Algarve.