“It is a very special moment for us. The Portuguese Government's decision to select Lufthansa was an excellent sign […] for TAP, for Portugal and for Lufthansa,” Lufthansa Group chief executive Carsten Spohr said at the signing of the partial sale agreement for TAP in Lisbon.

Spohr said that acquiring a stake in TAP represents an opportunity to access new markets, such as Africa and South America, particularly Brazil. These are markets which, for Lufthansa, have “great potential”.

The Lufthansa Group chief executive also assured that he wants to develop the Portuguese company while preserving its tradition and what makes it distinctive.

On 14 October, the Government selected Lufthansa for the partial privatisation of TAP, with a proposal of €1.201 billion for up to 49.9% of the company's capital, with the operation expected to be completed by early 2028.

The decision was taken by the Council of Ministers following an assessment of the improved final binding proposals submitted by Air France-KLM and Lufthansa, the two groups that reached the decisive stage of the Portuguese airline's privatisation.

The main factor in the selection was Lufthansa's financial offer, which was €163 million higher than Air France-KLM's. The associated investments, particularly in the fleet, and the proposed governance model were also assessed.

Lufthansa's proposal includes a reference price of €1.025 billion for 44.9% of TAP, plus €58 million in time-related adjustments concerning the ticketing fee, SPdH (formerly Groundforce, the ground-handling company) and Cateringpor (in-flight catering services), as well as €118 million relating to the 5% reserved for employees, bringing the potential proceeds to €1.201 billion.

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