Parpública delivered to the Ministry of Finance the report that evaluates the binding proposals submitted by Lufthansa and Air France-KLM for the purchase of 44.9% of TAP. The delivery was made late in the afternoon, as confirmed by an official source from the Ministry of Finance to the Portuguese news agency.
The report aims to help the Government choose the buyer in the privatization process of up to 49.99% of TAP. This process includes a 5% tranche reserved for workers, with the unsubscribed portion potentially acquired by the selected investor, with right of first refusal. The State intends to maintain the majority of the capital, with at least 50.1%. The reports are also sent to the Monitoring Commission led by Daniel Traça, an independent body appointed by the Government to oversee the reprivatization process.
Independent valuations point to a TAP value (100%) of approximately 1.95 to 2.07 billion euros, which would imply a base range of approximately 972 to 1,035 million euros for the 49.9%. The concrete values of the binding proposals have not been publicly disclosed. The operation does not include assets already divested under the restructuring plan, such as handling and catering stakes, nor certain real estate assets.
The process was relaunched in 2025 through Decree-Law No. 92/2025 and the Specifications Document approved by Council of Ministers Resolution No. 141-B/2025. Only airline operators with revenues exceeding 5 billion euros in at least one of the last three years were eligible to bid. TAP recorded a loss of 99.2 million euros in the first half of the year, a result that worsened by 40% compared to the same period last year, despite a 4% increase in revenue and number of passengers carried.
