Air France-KLM Sets Sights on TAP Air Portugal Stake

Air France-KLM has announced its intention to acquire a minority stake in TAP Air Portugal through a non-binding offer, as the Portuguese government progresses with the privatization of its national airline.

In July, Portugal reinitiated the much-delayed sale process, offering a 44.9% stake to a strategic airline capable of enhancing TAP's global presence, while reserving an additional 5% for employees. Air France-KLM is the first among three European airline groups, including IAG and Lufthansa, to officially bid.

The French-Dutch carrier aims to bolster operations in Lisbon and other Portuguese cities, leveraging TAP's valuable connections with Brazil, Africa, and the US. The government may later divest its remaining 50.1% stake to the current minority stake buyer. The privatization is set to conclude in the second half of 2026.