Contract for sale of TAP – Portugal signed on 24 June

17 June 2015

The contract for the sale of the TAP – Portugal airline group to the Gateway consortium will be signed on 24 June, the Portuguese Economy Minister said in Sofia, Bulgaria.

The Gateway consortium, made up of the owners of Portuguese transport group Barraqueiro, Humberto Pedrosa, and of Brazilian airline Azul, David Neeleman, will take on 61 percent of the TAP, SGPS group, spending a minimum of 354 million euros, which may increase to 488 million euros.

The contract due to be signed next week is subject to the approvals of regulators both of Portugal and the European Union, and there is therefore no target date for completion of the deal.

On signing the contract, the consortium will deliver 2 million euros to Portuguese state holding company Parpública, of the 10 million euros that the consortium is due to pay the Portuguese State at this stage.

This deal does not include a 5 percent stake in the group that has been set aside for employees and another 34 percent that the Portuguese government decided to keep in state hands for the meantime. (macauhub/BR/PT)