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IAG Considers Abandoning TAP Air Portugal Acquisition Plans Due to Government Sale Conditions

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International Airlines Group (IAG), the parent company of British Airways, Iberia, Vueling, Aer Lingus, and LEVEL, is leaning toward withdrawing from the acquisition process of state-owned carrier TAP Air Portugal, according to reports from Bloomberg.

This potential withdrawal comes after concluding that Portugal’s privatization plan—which currently envisions the sale of only a minority stake—does not align with the aviation group’s strategy for expansion and operational control.

Conflict Over Majority Control

The primary point of contention lies in the structure of the sale proposed by Lisbon. The Portuguese Government announced plans to sell a maximum of 49.9% of TAP, reserving 5% for the airline’s employees.

This minority offering directly clashes with IAG’s financial vision. In December, Chief Financial Officer Nicholas Cadbury emphasized that the company requires a “clear path to full or majority ownership” for any acquisition to be viable for the group.

In addition to equity limitations, the Portuguese government seeks to impose strict conditions to protect national interests, including:

→ TAP Air Portugal Announces Ambitious 2026 Expansion Plan: New Orlando Route, Intermediate Cabin, and Brazil Reinforcement

A History of Strategic Challenges

IAG’s potential retreat occurs against a backdrop of complications for its consolidation plans within Europe. In mid-2024, the group was forced to abandon its attempt to purchase the Spanish carrier Air Europa for a second time, following opposition from antitrust regulatory bodies.

Competition in the European Market

Despite IAG’s current stance, interest in the Portuguese airline remains high due to its valuable route network connecting to Brazil, Africa, and North America. In December, Portugal formally invited three industry giants to submit non-binding bids:

Next Steps and Defined Deadlines

Although the group is leaning toward not proceeding, sources close to the process indicate that a final decision has not yet been made and the company’s position could still shift. There remains a possibility that IAG will submit a non-binding offer before the deadline to keep its options open, even if it ultimately decides not to finalize the deal.

The official timeline stipulates that interested parties have until April 2 to formalize their proposals to the Portuguese Government.

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