In a joint announcement, it was articulated that following agreements with pilots and cabin crew representatives, Carlos Tavares, Tiago Raiano, Paulo Pereira, and Nuno Pereira submitted a collaborative proposal to acquire 85% of Azores Airlines, part of the SATA group.
The businessmen now operate under a unified structure named the Atlantic Connect Group.
A source close to the proceedings revealed that Tiago Raiano (from the Newtour tourism group) and Nuno Pereira (MS Aviation) initially put forward a bid to buy the Azorean airline. Earlier this year, they joined forces with Carlos Tavares (former CEO of Stellantis) and Paulo Pereira (owner of Quinta da Pacheca) to form the Atlantic Connect Group, ensuring unified communication.
The statement reads, “With this unified organization and aligned purpose, the entrepreneurs enhance the coherence and clarity of the proposal, ensuring communication with one single voice with all stakeholders, starting with the company’s employees.”
The privatization committee of Azores Airlines, part of the SATA group that operates flights from the Azores to external destinations, now enters a period of review of all submitted documentation.
The Atlantic Connect Group expressed readiness to provide any necessary clarifications to the committee, while maintaining appropriate discretion, as required for a rigorous, fair, and swift process.
The proposal reflects the current financial state of the company and includes the strategic vision of the entrepreneurs, aimed at ensuring the airline’s sustainability and consolidating operations as a strategic asset for Portugal and the Azores Autonomous Region.
The privatization committee, led by economist Augusto Mateus, agreed to Newtour/MS Aviation consortium’s request to extend the proposal submission deadline for acquiring the airline to November 24, after initially setting an October 24 deadline.
On November 9, the Civil Aviation Pilots’ Union (SPAC) informed that Azores Airlines’ Company Assembly had approved, with a 75% majority, the agreement negotiated between SPAC’s direction and the Newtour/MS Aviation consortium.
The negotiation for Azores Airlines’ privatization occurred with the Newtour/MS Aviation consortium following the Regional Government’s disclosure of potentially pursuing private negotiation or closing the airline if a deal was unreachable.
The Azorean government previously announced the cancellation of the privatization process on May 2, 2024, planning to launch a new tender. However, it later authorized SATA’s administration to continue negotiations with the consortium.
In June 2022, the European Commission approved Portuguese state aid to support the airline’s restructuring, amounting to €453.25 million in loans and state guarantees, which included plans for structural reorganization and a divestment of a controlling stake (51%).
