Lisbon, Nov. 23, 2025 (Lusa) - The state-owned Parpública announced on Sunday in a statement that it had received "three expressions of interest" in the privatisation of TAP, with the deadline for applications closing at 4:59 pm.
The state-owned company responsible for managing the state's holdings did not indicate in the statement which companies are interested. So far, the formal interest of Air France-KLM, Lufthansa and International Airlines Group (IAG), owner of British Airways and Iberia, has been confirmed.
As part of the sale process, Parpública "now has 20 days to prepare a detailed report on the interested parties that submitted their expressions of interest, assessing their compliance with the participation requirements," it added.
Once the deadline for submitting expressions of interest has passed, Parpública will analyse the applications until 12 December and prepare for the non-binding bids in this process, which provides for the sale of up to 44.9% of TAP's capital, with 5% reserved for employees.
In July, the government estimated that the privatisation process of TAP — which also includes Portugália, TAP Health Care Unit, Cateringpor and SPdH (formerly Groundforce) — would take about a year. However, the final timetable depends on regulatory approvals.
Parpública will prepare a report describing the interested parties and assess whether they meet the requirements set out in the specifications.
These criteria include revenues exceeding €5 billion in at least one of the last three years, proven experience in the aviation sector, and financial capacity and suitability.
Following this assessment, successful candidates will be invited to submit non-binding proposals within a maximum period of 90 days.
These proposals must detail the purchase price of the shares, how the necessary financial resources will be obtained, investment plans to strengthen the fleet, maintenance and engineering, a commitment to sustainable fuels, respect for labour commitments, and a strategic vision for a possible increase in shareholding.
Once the non-binding proposal phase is complete, Parpública will have 30 days to prepare a new report to submit to the Government.
If clarifications are requested from the bidders, the deadline will be suspended until a response is received or the deadline expires.
The cabinet will, based on Parpública's report, select the applications considered most suitable and will invite the chosen bidders to submit binding proposals in the third stage of the process, with a maximum deadline of 90 days.
The third stage of the process involves conducting information gathering and submitting binding proposals within a maximum period of 90 days from the date of the invitation.
However, the cabinet may specify in the invitation letter a deadline for the submission of binding proposals of less than 90 days.
After the submission of binding proposals, Parpública will have 30 days to prepare a final report, a period that the cabinet may extend upon reasoned request.
Based on this document, the best proposal will be selected, or a negotiation phase may be initiated for the submission of improved and final binding proposals.
Once the selection has been made, the cabinet will approve the final drafts of the sale contracts, which the buyer must sign within 15 days.
The State will then convene a general meeting of TAP to approve the resolutions necessary to complete the privatisation and implement the agreed industrial and strategic plan.
If the 5% tranche allocated to employees is not fully subscribed, the future buyer will have the right of first refusal.
AG/ADB // ADB.
Lusa
