00:04
Narrator
The Portuguese government announced on Wednesday that German carrier Lufthansa has been chosen to buy a 44.9% stake in Tap as part of the Portuguese airline's privatization.
00:18
Narrator
Portuguese Prime Minister, Luis Montenegro, said that the transaction will bring in 1.2 billion euros in this first phase.
00:27
Narrator
The state will retain a majority stake of 50.1% in the company.
00:33
Luís Montenegro
Avaliadas as propostas, a decisão do governo recai sobre o grupo Lufthansa, cuja proposta financeira é 16% superior à proposta concorrente e com menor grau de incerteza.
00:55
Narrator
The proposal will support further investments including 500 million euros to set up a new pilot training school, an innovation center, and a corporate services center.
01:13
Narrator
Miguel Pinto Luz, Minister for Infrastructure and Housing, set out the offer in detail, highlighting plans to expand the fleet to 117 aircraft by 2035 and 130 after 2035.
01:31
Narrator
The proposal also includes investment into airports.
01:35
Narrator
The government said last week that the privatization process would only be concluded in 18 to 24 months, in 2028, after approval from the European Commission.
