# Lufthansa to buy 44.9% of TAP Air Portugal for €1.2 billion

_Oct 14 13:42_

Tags: Air France-KLM, airline, merger & acquisition, industry news

Type: Industry news

## Summary

Portugal chose Lufthansa Group over Air France-KLM in TAP Air Portugal's privatization, accepting an all-cash €1.2 billion bid for a 44.9% stake. Closing is not expected until early 2028 after a regulatory process of more than a year. The bid was reported as 16% higher than Air France-KLM's cash-and-share offer.

The Portuguese state keeps a 50.1% majority. Staff may acquire as much as 5%, which could lift Lufthansa from 44.9% to 49.9%. TAP is expected to remain in Star Alliance instead of joining SkyTeam. Terms can still shift before regulators finish, and operations should stay as they are until early 2028.

The purchase would give Lufthansa Group a stronger hold in South America, where it has been weak. TAP is outside the transatlantic joint venture. Antitrust immunity with coordinated schedules later on could erase the cheap Atlantic fares TAP still sells. One source expects deeper Miles & More integration in the second half of 2028 if the stake completes. Star Alliance earning and redemption should continue until then.

Watch the 2028 regulatory path and any Miles & More or joint-venture move that follows.

## Key facts

- **Announced**: Oct 14, 2026
- **Numbers**:
  - 44.9%: stake Lufthansa is buying in TAP
  - €1.2B: price of Lufthansa’s TAP stake
  - 16%: how much higher Lufthansa’s bid was than Air France-KLM’s
  - 50.1%: stake Portugal will keep
  - 5%: maximum employee shareholding
  - 49.9%: maximum Lufthansa stake if employees do not buy shares
- **Takeaway**: There is nothing to book now; watch regulatory clearance into 2028 and any Miles & More or joint-venture changes.

## Sources cited

- [LoyaltyLobby](https://loyaltylobby.com/2026/10/14/lufthansa-acquires-44-9-stake-in-tap-for-e1-2b-expected-to-close-in-early-2028?omhide=true) — Lufthansa Acquires 44.9% Stake In TAP For €1.2B (Expected To Close In Early 2028)
- [One Mile at a Time](https://onemileatatime.com/news/lufthansa-buy-stake-tap-air-portugal) — Lufthansa Expected To Buy 44.9% Stake In TAP Air Portugal, Beating Out Air France-KLM

## Related signals

- [Flying Blue Complete+ lets members buy 30,000 miles a month](https://thetravelsignal.com/s/air-france-klm-flying-blue-subscribe-to-miles-launches-complete-with-30-000-mile.md)
- [Flying Blue delays 50% SAF XP hike to 1 December 2026](https://thetravelsignal.com/s/flying-blue-delays-saf-donation-xp-changes-until-december-2026.md)
- [Targeted: Amex offers $150 for $1,500 Air France or KLM spend](https://thetravelsignal.com/s/air-france-klm-amex-offer-spend-1-500-get-150-back.md)
- [Flying Blue takes 25% off select awards booked by Nov 30](https://thetravelsignal.com/s/flying-blue-promo-rewards-for-november-2026-save-25-on-flights-to-from-europe-ch.md)
- [Capital One adds 20% to Flying Blue transfers to Nov 30, 2026](https://thetravelsignal.com/s/20-transfer-bonus-to-air-france-klm-flying-blue-from-capital-one.md)

Older: [KLM adds paid catering on select short-haul flights from 25 Oct 2026](https://thetravelsignal.com/s/klms-new-buy-on-board-menu-for-the-service-launch-on-october-25-2026.md)
Newer: [Air Canada will fly Montréal to Seville from 8 September 2027](https://thetravelsignal.com/s/air-canada-will-fly-non-stop-from-montreal-to-seville-on-the-a321xlr.md)

Canonical URL: https://thetravelsignal.com/s/lufthansa-expected-to-buy-44-9-stake-in-tap-air-portugal-beating-out-air-france