TAP Air Portugal
Based in Lisbon, TAP Air Portugal (TAP) is the national airline of Portugal. The carrier operates a domestic and regional network of services within Portugal and Europe as well as international services to North America, South America and Africa. In addition, TAP operates cargo services on five all-cargo routes as well as bellyhold cargo on TAP Portugal flights. TAP has been a member of the Star Alliance since 2005.
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. Both parties intended to conclude the ownership agreement in mid 2017. TAP Portugal completed to the sale of 5% ownership to employees.
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