The terms of sale prospectus for the part-privatisation of Portugal’s national airline TAP, which was approved by the government last Thursday, will only be made available for airline operators with revenues of €5 billion or more posted for at least one year from the previous three.
In a communiqué, the ministries of Infrastructure and Finance add that the applicants must display a “proven track record in the aviation sector” and, moreover, “should meet the requirements of suitability and financial capacity.”
The prospectus states that the privatisation process will be done in four steps: a pre-qualification phase of 60 days – which will now begin – the delivery on non-binding offers (90 days), the delivery of binding offers (90 days), and the eventual deal.
“From a technical point of view, appreciations will also be prioritized from (airline groups) that provide presentations of suitable and coherent strategy plans with guarantees to allocate and apply resources that assure the preservation and promotion of TAP’s growth as well as its value price,” say the offices of infrastructure minister Miguel Pinto Luz and finance minister Joaquim Miranda Sarmento.
The government emphasises that this project “should strengthen the company’s competitive position as a global air transport operator, in current and new markets, with a focus on connections between major national airports and autonomous regions, the diaspora, and countries and communities where Portuguese is the official language.”
It also states that adding to the fleet, investment in maintenance and engineering, investment in sustainable fuel production and future public service obligations will be “equally considered”.
The part-privatisation of 44.9% of the airline is scheduled to be completed in July 2026. The latest non-book estimated value for the airline is €2.1 billion, according to the University of Lisbon.
Source: Essential Business
