Government could sell 49% or more of flag carrier TAP from March

Portugal’s government is considering selling at least 49% of the share capital of national flag carrier TAP, in a long-planned privatisation process that is expected to start in March and could be completed by the first half of 2026, according to media reports.

According to the financial information agency Bloomberg News, which cites sources close to the process, the sale of at least 49% of the airline’s share capital is expected to start in March and could be completed by the end of the year or in the first half of 2026.

The government recently held meetings with investors interested in buying the Portuguese airline, as part of the reprivatisation process prepared by the previous, Socialist government, which had wanted to complete it last year. The deal ended up being put on hold when the government fell and a snap general election was called.

Europe’s three biggest airline groups – Lufthansa, Air France-KLM and IAG – have all publicly expressed their interest in buying some or all of the shares on offer.

Portugal’s minister for infrastructure, Miguel Pinto Luz, had said that reprivatisation would accelerate after the approval of the 2025 state budget at the end of November, adding that there was consensus on privatisation, but not on the percentage to be sold.