Middle Eastern carriers reportedly in talks for TAP Air Portugal as Air France-KLM and Lufthansa submit bids
November 20, 2025
Air France-KLM submitted their bid for TAP Air Portugal earlier this week as consolidation continues in the European aviation industry. Today, it emerged that Lufthansa has also submitted its bid for the company, which is also a fellow Star Alliance member.
Separately, Italian daily Corriere della Sera also revealed that the Portuguese government was in talks with Middle Eastern carriers for a possible investment. Qatar Airways was floated as a possibility, the newspaper noted citing sources. As the country continues its efforts of selling a minority stake in the national carrier, airlines both in Europe and now elsewhere are interested in taking part.
Qatar Airways wants in on TAP Air Portugal
Qatar Airways currently owns 25% of the International Airlines Group – that owns the likes of British Airways, Iberia and Aer Lingus – and which has also previously expressed an interest in TAP Air Portugal. Qatar has been expanding its wings into other countries in recent years, having purchased stakes in airlines like China Southern and Virgin Australia.
Additionally, it is in the process of finalising a deal for 49% of RwandAir which was meant to be completed this year. As reported by this publication covering an interview with the RwandAir Chief Commercial Officer, the company was unable to confirm if the deal was going to be closed in 2025.
| Airline | Country / Region | Ownership stake |
|---|---|---|
| International Consolidated Airlines Group (IAG) | United Kingdom / Spain | 25% |
| LATAM Airlines Group | South America (Chile-based) | 10% |
| China Southern Airlines | China | 5% |
| Virgin Australia | Australia | 25% |
| Airlink | South Africa | 25% |
Corriere reported that “in recent weeks, Lisbon has also been looking at the Persian Gulf and Anatolia regions, with which there have been several ‘discussions,’ sources explain. The names are being kept under wraps, but Qatar Airways’ name emerges primarily.”
Qatar Airways was not immediately available for a comment.
Lufthansa submits bid for the company
Pointing to its existing experience in airline acquisitions with Brussels Airlines, Austrian Airlines and ITA Airways to name a few, the Lufthansa Group believes it is best placed for TAP’s privatisation process.
“TAP Air Portugal is of great strategic importance to the European aviation industry,” says Carsten Spohr, Chief Executive Officer of the group. “As a long-standing partner in the Star Alliance and with our extensive investments in Portugal, we continue to see the Lufthansa Group as the best partner for TAP and for Portugal.”
The company said that in a letter today to the Portuguese state holding company Parpública, it officially announced its participation as a bidder for the airline. “A cooperation would strengthen Lisbon’s position as an Atlantic hub in the Lufthansa Group network. Connectivity between Europe and other regions of the world, such as South America, Africa, and North America, could be expanded,” the group released in a statement.
TAP’s privatisation
The government is looking for an investor to take on 44.9% of TAP Air Portugal. In total, the government is relinquishing control of 49.9% of the airline’s shares, of which 5% are to go to employees. TAP is of particular value given its strong network to South America, particularly Brazil, a market which continues to perform well and is growing.
The company’s modern fleet, control over a majority of Lisbon Humberto Delgado Airport’s elusive slots, and hub position at the Atlantic border of Europe make it a very interesting investment.
Air France-KLM on Wednesday revealed that it had submitted its bid for TAP Air Portugal but did not disclose any additional details.
Featured image: rebius | adobe.stock.com
