In a statement, the Franco-Dutch group emphasized that this step once again demonstrates the strong and ongoing interest in the operation, expressing anticipation for the upcoming stages of the process.
The government plans to sell up to 44.9% of the airline’s capital, reserving 5% for employees, in accordance with the Privatization Law. Should this tranche not be fully subscribed, the future buyer will have the right of preference.
Starting November 22, Parpública, the company managing the state’s holdings, has a 20-day deadline (until December 12) to deliver a report to the government describing interested parties and assessing their compliance with participation requirements.
Within 20 days from the availability of the report, those who demonstrated compliance will be invited to submit a non-binding proposal. This second phase, divided into four stages, requires the proposal to include the offered price for acquiring the shares and information on securing the necessary financial resources for the purchase.
Eligible candidates can be national or foreign operators, individually or in consortium, provided they meet the criteria, which include revenues exceeding 5 billion euros in at least one of the last three years and proven experience in the aviation sector.
Proposals will also be evaluated based on fleet enhancement, investment in maintenance and engineering, commitment to sustainable fuels, adherence to labor commitments, and plans for potentially increasing the shareholder position, according to the recently published tender specifications.
As announced by the government in July, the privatization of TAP — which also includes Portugália, TAP’s Health Care Unit, Cateringpor, and SPdH (formerly Groundforce) — is expected to occur over approximately one year, although the final schedule depends on regulatory approvals.
In addition to Air France-KLM, German group Lufthansa and the International Airlines Group (IAG), owner of British Airways and Iberia, have also publicly declared interest in the race.
