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TAP: partial privatisation and Lufthansa partnership

This dossier follows TAP’s partial sale to Lufthansa, commitments concerning the Portuguese airline’s identity and the transaction’s regulatory stages.

Last updated : 1 key moments
A TAP aircraft in August 2026.
Archive photograph, 27 August 2026; not the contract signing. André Gerwing, CC BY-SA 4.0; resized. — André Gerwing / Wikimedia Commons — CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/ ; 27 août 2026 ; redimensionnement.

Where things stand

Portugal’s government and Lufthansa signed a contract in Lisbon on 3 November 2026 to sell part of TAP’s share capital. Completion remains subject to European review.

Confirmed

TAP: Portugal and Lufthansa sign partial-sale contract

Portugal’s government and Lufthansa signed a contract in Lisbon on 3 November 2026 to sell part of TAP’s share capital. Completion remains subject to European review.

A TAP aircraft in August 2026.
Archive photograph, 27 August 2026; not the contract signing. André Gerwing, CC BY-SA 4.0; resized. — André Gerwing / Wikimedia Commons — CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/ ; 27 août 2026 ; redimensionnement.

The offer provides €1.201 billion for up to 49.9% of the airline, with 5% preferentially earmarked for employees. According to Jornal Económico, that employee allocation is to be offered in 2027; Lufthansa would take any unsubscribed portion.

At the signing, Luís Montenegro and Carsten Spohr backed retaining TAP’s Portuguese brand and identity. Lufthansa’s chief executive described Lisbon as a future group hub. These commitments accompany a signed contract; they do not mean the integration has already been completed.

Sources 3