The fast-growing Lufthansa Group is to add another airline to its collection.
The Portuguese government this week selected Lufthansa’s offer in the privatisation process for TAP Air Portugal.
With the intended initial acquisition of a minority stake, Lufthansa Group is pursuing a clear strategic agenda: to support TAP Air Portugal’s growth while preserving its national identity and to sustainably strengthen Portugal’s connectivity, Lufthansa said in a statement.
“TAP Air Portugal is a strong and profitable airline, our long-standing partner in Star Alliance and internationally successful as a leading carrier on South Atlantic routes," says Carsten Spohr, chairman of the executive Board and CEO of Deutsche Lufthansa AG.
"It is known for its outstanding employees and has a compelling business model.
"With today’s decision, the Portuguese government has paved the way for TAP Air Portugal to continue this success story together with Lufthansa Group.
"At the same time, this allows us to consistently pursue our internationalisation strategy and sustainably strengthen our position in the South Atlantic market. Our company has enjoyed a close and trusted partnership with Portugal for many years.
"For decades, we have invested in the country, created and secured highly skilled jobs, and connected Portugal with Europe and the world. We look forward to a shared future with TAP Air Portugal and to continuing our constructive cooperation with the government in Lisbon.”
Lufthansa Group has offered a purchase price of €1.025 billion for a 44.9% stake. This amount could increase to up to €1.2 billion for the acquisition of a 49.9%.
Lufthansa Group airlines currently offer 353 weekly flights to six destinations in Portugal.
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