The Portuguese Government announced its intention to sell TAP Air again in 2022. Credit: Petr Podrouzek / Shutterstock.com

The Lufthansa Group is reportedly eyeing a stake in TAP Air Portugal as it looks to build on its successful bid for Italy’s ITA Airways. 

The German company is set to heighten discussions of a 19.9% stake in the airline with the Portuguese Government as CEO Carsten Spohr heads to Portugal for talks with the authorities according to reports from Italian newspaper Corrier Della Sera. 

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Any deal would see Lufthansa take a non-controlling stake in the airline to avoid EU scrutiny of the acquisition according to sources, but would still represent another expansion of the group’s dominant presence in the European aviation market. 

A formal offer for a stake in the airline is expected to be made in the first quarter of 2025 if talks between Portugal and Lufthansa go well and could be worth around €180m-€200m based on TAP Air’s estimated value. 

The Portuguese flag carrier has consistently gone between private and public ownership throughout its existence and was only renationalised in February 2016 after the government bought 50% of the company from the Atlantic Gateway. 

However, issues that compounded during the pandemic led the government to begin a bail-out plan for the airline and later announce that it would be looking for a private buyer for TAP Air again in 2022. 

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While Lufthansa’s Spohr may be heading to Lisbon for talks as soon as next week, the German group will likely have competition for the smaller airline with the continent’s two other major airline groups, Air France-KLM and IAG, also expressing their interest as recently as last year.