The Portuguese Government has launched the second phase of the sale process for a 44.9% stake in TAP Air Portugal. While Air France-KLM, IAG and Lufthansa Group were invited to submit detailed offers, IAG requested majority control.
The second round has officially begun in the TAP Air Portugal process, which could shift the balance in the European aviation sector. On 25 December 2025, the Portuguese Government activated the second phase of the privatisation process of the national airline TAP Air Portugal.
The Portuguese state has put its 44.9% minority stake in TAP Air Portugal up for sale. Three major European airline groups are competing in the second round of the process:
- Air France-KLM
- International Airlines Group (IAG)
- Lufthansa Group
The second-round process started on 25 December 2025. Companies were asked to submit detailed acquisition offers before April 2026.
Three major European airline groups received official invitations for TAP. However, a notable development in the process came from IAG.
International Airlines Group (IAG) requested full or majority control over the company instead of the initially planned 44.9% minority stake. This request could directly affect the framework of the sale and Portugal’s aviation strategy.
The sale process will affect not only Portugal but also the competitive balance in the European aviation market. TAP’s strong position, especially on Brazil and South America routes, holds strategic value for the groups.
With Lisbon-based operations and transatlantic connections, TAP Air Portugal serves as an important bridge on the Europe–South America route. A possible majority sale could reshape the company’s strategic direction and Portugal’s national aviation control.
While it remains a matter of curiosity how the Portuguese government will respond to IAG’s request for majority control, whether Air France-KLM and Lufthansa Group will take a similar step will also determine the course of the process.
