TAP Air Portugal is about to become a state-owned airline again. Currently, the Portuguese government already controls the carrier after the departure of businessman David Neeleman in June 2020.
However, Portuguese investor Humberto Pedrosa, through the holding TAP SGPS, remained with a small stake in the company.
According to the Portuguese press, the government will make a significant capital increase in TAP, which could reach 1.7 billion euros and which will dilute the small participation of Pedrosa and employees to a negligible percentage.
The Portuguese finance minister confirmed that there will be a contribution of 536 million euros this week. In addition, the government is trying to convert the 1.2 billion loan granted in July to TAP’s capital.
On the other hand, TAP SGPS will continue to own 100% of Portugália, a company that was once a regional company in the country. Among other assets of the holding, there is an aircraft maintenance company in Brazil, which will have to be negotiated on account of the agreement signed with the European Union.
TAP was transferred to the private sector in 2015 after the sale of 61% of its capital to Atlantic Gateway, a consortium formed by Humberto Pedrosa (51%) and David Neeleman (49%), founder of JetBlue and Azul, among others.
Under the administration of Prime Minister António da Costa, the Portuguese government regained a stake in the airline in 2017 and has since sought to transform it into a state-owned company.