TAP Portugal Group
Originally founded in Mar-1945, TAP Portugal is the flag carrier of Portugal. It operates an extensive network of domestic and international air services alongside its subsidiary Portugalia. TAP plans to introduce TAP Express as its new regional subsidiary in place of Portugalia. A member of the star alliance, TAP Portugal is headquartered on the grounds of Lisbon Airport.
Brazil’s Conselho Administrativo de Defesa Económica (CADE) initially approved the sale of a 61% stake in TAP Portugal to the Atlantic Gateway consortium on 10-Aug-2015, and the Portugal caretaker centre-right government approved on 12-Nov-2015 the privatisation of TAP Portugal in a bid to avoid the collapse of the entity. Under an MoU, Atlantic Gateway and the government agreed to split the ownership of TAP, with Portugal's Government holding a majority stake of 50%. Both parties were expected to conclude the agreement in 2016. However, National Civil Aviation Authority (ANAC) approved the initial ownership transfer agreement, stating the sale of the majority stake to Atlantic Gateway SGPS is in line with EU regulations.
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