The Turkish airline is willing to pay around €1.9 billion for a majority stake in TAP Air Portugal.
Turkish Airlines is willing to acquire a majority stake in TAP Air Portugal. According to Jornal de Negócios, the Turkish company has been gathering information on the market about the national company and has even outlined a proposal of around €1.9 billion, although it has not yet officially approached the Portuguese government.
According to the newspaper, Turkish Airlines – 49% owned by the Turkish state – has expressed its interest in TAP through diplomatic channels. The goal would be to create a strategic partnership that would allow the two airlines to operate complementary platforms, speeding up connections between the most western airspace – from Portugal – and the East.
The Turkish company is therefore willing to invest €1.9 billion in this deal, a figure that is based on the values provided for in TAP’s restructuring plan. The Portuguese airline has already received €1.6 billion from the state, and in the worst-case scenario, could require up to €3.7 billion.