IAG Group has decided not to submit a non-binding offer for a minority stake in TAP Air Portugal, leaving Air France-KLM and Lufthansa as the only airline groups to advance in the first phase of the process.
The British-Spanish group, which owns British Airways and Iberia, had previously expressed interest in the Portuguese carrier but ultimately chose not to proceed. In a statement, IAG said it would prioritize growth opportunities within its existing portfolio.
Portugal relaunched the privatization of TAP in July 2025, aiming to sell a 44.9% stake to a strategic airline partner, with an additional 5% reserved for employees. The process had faced repeated delays in recent years.
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Air France-KLM and Lufthansa both submitted non-binding offers by the April 2 deadline, although neither disclosed financial terms. Proposals were required to include not only a price indication but also strategic and industrial plans for the airline.
TAP’s main asset remains its Lisbon hub, which offers strong connectivity to Brazil, Portuguese-speaking African countries and the United States. The Portuguese government has signaled that these routes should be preserved and expanded under any new ownership structure.
The state holding company Parpública will now evaluate the proposals and is expected to present its assessment within 30 days. Selected bidders will then be invited to submit binding offers, with a final decision anticipated in the second half of 2026.
