In a statement sent to the Lusa news agency, the consortium highlighted flaws in the privatisation process but reiterated its willingness to contribute to "a solution that safeguards the public interest, the stability of the company and the future of aviation in the Azores".

Victorair closely followed the privatisation process of Azores Airlines.

The group chose not to submit a binding proposal based on a technical assessment. Their concerns were financial transparency, the definition of the debt perimeter, and the lack of competitive equity. This position was formally communicated to SATA Holding and the jury. Victorair also confirmed its willingness to join any direct negotiation if the tender ended without an award or was annulled. Since then, the group has not used judicial challenge mechanisms, as doing so could threaten the company's stability during a sensitive period. Victorair maintains an institutional and constructive stance focused on the public interest.

The consortium says that completing this phase is essential to immediately structure and execute an alternative solution, and that further delays will only increase the complexity of the process.

At this stage, the primary concern has moved beyond the legal framework and is centred on the process’s capacity for swift execution, the statement asserts.

The move to a direct negotiation model aims for greater speed. According to Victorair, this raises the need for strong technical and operational execution. The process remains complex and may become even more demanding.

Among the main challenges identified by Victorair are the sale of the handling activity, the preparation of “reliable information for investors,” the clear definition of the scope of the debt and assets to be sold, and the effective corporate reorganisation of the group.

The consortium also highlights the need to prepare SATA Air Açores for the inter-island public service obligation tender and to publish the financial statements of the group's entities on time.

Demanding transformation

This set of tasks constitutes "a demanding transformation program," requiring "centralised coordination, functional specialisation, and dedicated execution capacity," aspects that the Victorair consortium considers to be limited in the current model.

In a sector like air transport, "characterised by continuous and highly demanding operations," Victorair believes that this implies that "the day-to-day management of the companies must run concurrently with the execution of this process," which "significantly increases the level of technical, operational, and organisational demands placed on the existing structure."

The consortium urges that now is the time for engineering execution, not indecision, and warns that every lost month narrows the set of viable solutions; immediate action is essential.

The Government of the Azores announced on Wednesday that it will instruct SATA to initiate a new privatisation process for Azores Airlines through private negotiation, a decision resulting from “experience gained in the previous procedure.”

The Regional Government decided to close the previous privatisation of Azores Airlines without awarding the contract, following the jury's recommendation, which concluded that the only admitted proposal involved “unacceptable risks,” a shareholders' agreement that allowed for a reduction in public participation, and a less experienced aviation team, as revealed by the Lusa news agency on 6 March.

The Atlantic Connect Group consortium submitted a proposal to acquire 85% of Azores Airlines' share capital for €17 million on 24 November 2025.

The privatisation of Azores Airlines must be completed by the end of the year, according to a decision by the European Commission, which in June

In 2022, the Portuguese state approved state aid to support the airline's restructuring, amounting to €453.25 million in loans and state guarantees, including measures such as a restructuring and the divestment of a controlling stake (51%).