Lufthansa wins €1.2bn TAP stake: advisors
Lufthansa has been selected by the Portuguese government to acquire a 44.9% stake in TAP Air Portugal in a €1.2bn deal, with PLMJ advising the German airline through a team led by Diogo Perestrelo. Uría Menéndez advises the Portuguese state, with a team led by Bernardo Ayala, while J+Legal advises rival bidder Air France-KLM through Diogo Leónidas Rocha, Iberian Lawyer confirmed.
The German group prevailed over Air France-KLM to become the strategic industrial partner of TAP, one of the last European national carriers still independent of a major international airline group. Lufthansa could increase its stake to 49.5% if employees do not exercise their option to acquire the 5% reserved for them.
The decision marks a significant step in a long-running privatisation process that has been repeatedly postponed, against the backdrop of a broader transformation of the European aviation sector. The Portuguese government aims to strengthen TAP’s competitiveness by integrating it into a larger group with greater financial resources, economies of scale and a broader commercial network.
Both Lufthansa and Air France-KLM submitted improved final offers at the end of September, but the German group’s proposal ultimately won the Portuguese authorities’ preference.
