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26-Feb-2025 12:30 AM

TAP Air Portugal: privatisation is back, attracting Europe's big three airline groups

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As its national airline approaches its 80th birthday on 14-Mar-2025, the Portuguese government is reported to be closer to selling 49%, or more, of TAP Air Portugal.

The on-off privatisation process has been anticipated for a number of years, and is now expected to restart in Mar-2025, with a sale completing towards the end of this year or early in 2026. Ministers have expressed a preference to sell 100% of the national airline, whereas opposition parties prefer a partial sale only.

TAP is the leading airline in Portugal, but has yet to return to its 2019 levels of traffic and capacity. Its seat share in the Portugal market has been in long term decline, to the advantage of low cost airlines (although LCC share has levelled out in recent years).

TAP's greatest strength is routes between Europe and Brazil, where it is number one by seats, and where its seat share has been more stable.

All of Europe's big three legacy groups - Lufthansa Group, IAG and Air France-KLM - are interested in the privatisation, but there are possible complications for each of them.

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