(MENAFN) The Portuguese government has sold its 61 percent stake in TAP Portugal to the Gateway consortium, a joint venture (JV) between JetBlue Airways and Azul Brazilian Airlines, AFP reported.
Media quoted the Portuguese Secretary saying that the sale should generate between USD488 million and USD758.96 million and it may take up to two years to realize the full value of the transaction.
TAP Portugal reported a 2014 loss of USD71.54 million, reversed from a net profit of USD52.87 million in 2013. This was the Portugal flag carrier's first loss after five consecutive years of profit.
The TAP Group has an estimated total debt of USD1.4 billion as well as a provisional valuation for government's remaining 34 percent stake. Once the privatization is completed, Lisbon may exit the TAP Group completely.
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