Consortium Wins TAP Takeover Approval

The consortium looking to acquire a 61 per cent stake in debt ridden TAP Portugal have won approval by the Portuguese anti-trust regulator Autoridade da Concorrência.

The consortium looking to acquire a 61 per cent stake in debt ridden TAP Portugal have won approval by the Portuguese anti-trust regulator Autoridade da Concorrência.

Atlantic Gateway, led by JetBlue Airways and Azul Brazilian Airlines founder David Neeleman, will seek to invest minimum of €338m into TAP, as well as supplying it with 53 aircraft.

The consortium has also guaranteed to keep the airline’s hub in Lisbon for at least 30 years.

The Portuguese government had agreed to sell a controlling stake in the airline as part of a privatization programme aimed at reducing the country’s debt.

TAGS: Europe
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