On April 2, Air France-KLM submitted a non-binding offer (NBO) to acquire a minority stake in TAP Air Portugal to Parpública, Portugal’s state-owned holding company.
By adding TAP Air Portugal to the airlines of the Air France-KLM Group, the company aims to strengthen its multi-hub strategy. Lisbon would become the group’s only hub in Southern Europe, and is expected to offer strong connectivity to key markets such as Brazil and several destinations in Africa. The group also stated that it would benefit from synergies with its transatlantic joint venture partners, Delta Air Lines and Virgin Atlantic Airways.
Chief Executive Officer Benjamin Smith commented, “We greatly value what TAP has built over the past 81 years: a strong Lisbon hub, a solid brand, and a unique value proposition that brings connectivity and pride to millions of Portuguese people. We are convinced that the next chapter of TAP’s history should be written as part of the Air France-KLM Group, so that we can carry this legacy forward and elevate TAP to the next level. TAP is a natural fit with Air France-KLM’s multi-hub strategy, and we aim to strengthen operations in Lisbon while improving connectivity with other cities across Portugal, including Porto. We look forward to the next steps in the privatization process.”
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