Air France-KLM with a non-binding offer for a minority stake in TAP Air Portugal
Air France-KLM completed on April 2, 2026 a new step in the privatization process of TAP Air Portugal, with the submission of a non-binding offer (NBO).
TAP would benefit from its integration into a worldwide commercial organization, covering Air France, KLM and Transavia, as well as close engagement with Delta Air Lines and Virgin Atlantic, Air France-KLM’s partners within the transatlantic Joint Venture. This would help TAP achieve its vision of “embracing the world”. As TAP and Air France-KLM operate largely complementary networks, Portugal as a whole would enjoy increased air connectivity.
Air France-KLM’s unique approach to consolidation prioritizes cooperation within a clear framework designed to maximize economic and operational synergies.
TAP would fully benefit from a smooth integration into a larger, robust group, with economies of scale and a global reach, strengthening its competitiveness. Such cooperation would extend to all areas of business and would include a focus on decarbonization – a key strategic priority for Air France-KLM.
Air France-KLM in top position ?
Air France-KLM has a strong track record in nurturing and growing historic brands and aims to allow the airline to stay true to its Portuguese heritage while leveraging that distinctive identity on the global stage. This would reinforce TAP’s sustainable growth and regional development, while also safeguarding the connectivity for Portuguese diaspora, in line with the requirements set forth by the Portuguese government.
Air France-KLM also has extensive experience working alongside State shareholders and views such partnerships as a testament of aviation’s strategic importance for a nation.
Air France-KLM bid was followed by a similar offer from Lufthansa Group. While IAG (British Airways/Iberia) finally indicated in a statement “not to proceed with the acquisition of a minority stake after careful consideration”.
The next step is a time frame of 30 days for the state holding company Parpublica to prepare a report for the government with an analysis of the various proposals. It will then invite the two bidders to submit binding offers within 90 days. The privatization is expected to be finalized in the second half of 2026.
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