Portugal's government has chosen Lufthansa to buy up to 49.9% of TAP Air Portugal. The Ministry of Infrastructure and Housing announced the decision on October 14, 2026, saying the Council of Ministers approved the sale the same day and picked Lufthansa over Air France-KLM.
The stake is 44.9% of TAP's share capital, plus up to another 5% if TAP's employees don't use their right to buy it. The Portuguese state keeps 50.1% of the company.
TAP is also a Capital One transfer partner at 1:1, which is why the ownership news matters to U.S. points holders. This piece sticks to what the government said and to the transfer terms TAP lists today. It makes no prediction about TAP's miles program.
What the Government Said
The government says both bidders improved their offers during the final negotiation phase and ended up close on strategy and contract terms. The choice went to Lufthansa because its proposal was stronger financially and carried less uncertainty.
Infrastructure and Housing Minister Miguel Pinto Luz said the decision wasn't about price alone, and that the government can guarantee it protected the interests of TAP and of the Portuguese people.
What the Government Says Lufthansa's Proposal Includes
The statement lists commitments it attributes to Lufthansa's proposal:
- The TAP brand and headquarters stay, and the Lisbon hub gets stronger.
- Eight aircraft would be based at Porto's Francisco Sá Carneiro Airport.
- The connection to the Portuguese islands is protected.
- TAP's fleet grows to 117 aircraft by 2035 and up to 130 after that, with up to eight Airbus A350-900s moving to TAP after 2030.
- TAP's presence in Latin America grows.
- A maintenance and engineering investment in Santa Maria da Feira would create 700 jobs, and a military pilot training school at Tancos is possible.
On governance, the state would appoint five of the nine board directors, including the chair. Lufthansa would name three executive directors and the state one.
What Comes Next
Both bidders also submitted firm proposals for a majority of TAP's capital. The government describes that as a possible second phase under a separate process, which it says it will launch shortly. Lufthansa's majority proposal includes a share swap that would make the Portuguese state the second-largest shareholder of the combined company.
TAP and Lufthansa are both Star Alliance members, according to Star Alliance's member page read October 14, 2026.
What TAP Lists for Capital One Miles Today
TAP's Miles&Go partner page, read October 14, 2026, says Capital One Venture, VentureOne, Spark Miles and Spark Miles Select cardholders can transfer to TAP Miles&Go at 1:1. The minimum is 1,000 miles, the account holder name must match exactly on both accounts, and all transfers are final.
Our guide to reaching the Azores on points walks through how that transfer works for a TAP trip to Lisbon and onward, and our Capital One transfer partners guide lists every partner.
If you're planning a TAP award, price the seat first and transfer second, because a transfer can't be reversed.
