NewzGerman airline Lufthansa is acquiring a 44.9% stake in TAP Air Portugal, the Portuguese flag carrier. Officials announced the agreement on Wednesday, noting that the Portuguese government values the deal at 1.2 billion euros, or approximately $1.3 billion USD.
The transaction represents the latest effort by the Portuguese government to privatize the national airline. To secure the stake, Lufthansa successfully outbid Air France-KLM, which was the only other competing bidder.
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