South American consortium Synergy Aerospace, owner of Colombian airline Avianca, is the sole candidate running for the privatisation of the Portuguese national airline TAP-Air Portugal.
To obtain its three-year €78bn bailout with international lenders, Portugal was forced to sell its interests in several companies, including the state-run airline TAP-Air Portugal. Several international operators were drawn by the airline’s strategic position but on Thursday, the Portuguese government announced a sole potential bidder.
The South American consortium Synergy Aerospace, owner of Colombian airline Avianca, is the sole candidate running for the privatisation of the Portuguese airline, the government announced Thursday.
TAP is based in Lisbon and covers 75 routes in 34 countries. In 2011, the company reported €3m in net profit and revenue of €2.3bn.
Portuguese financial daily Dinheiro Vivo reported the government also admitted it will suspend the negotiations if it does not approve Avianca’s specifications. The Avianca group is run by the South American businessman German Efromovich.
Synergy Aerospace is now the only company to pass to the next phase of TAP’s privatisation. The negotiations will begin soon so the company is sold before the end of the year, according to Dinheiro Vivo.