汉莎航空详述收购 TAP 葡萄牙航空少数股权：年协同效应最高约4.5亿欧元、2028年才交割

Deutsche Lufthansa AG outlined the benefits of a “couldn’t miss” opportunity to buy a minority stake in Portuguese airline TAP SA, including catching up with European rivals in Latin America and finding as much as €450 million ($505 million) in annual synergies.

The planned purchase will lift Lufthansa’s market share of Europe-Latin America traffic to about 20% from 9%, putting the group on par with IAG SA and ahead of Air France-KLM, Chief Executive Officer Carsten Spohr said during a call with analysts.

The deal will also “create immediate value for our shareholders” because TAP is a profitable airline, Spohr said, adding that he believes it will be the first time the group acquires a profitable airline. TAP also has one of the world’s youngest and most modern fleets, which he said would help lower Lufthansa’s average fleet age.

“TAP was an opportunity we couldn’t miss,” Spohr said. “We strongly believe this is something which will create value for many, many decades to come.”

Read: Lufthansa’s Deal for TAP Strengthens Access to Latin America

While TAP posted a net loss in the first half of the year as high fuel prices weigh, Spohr said Lufthansa is looking beyond current industry pressure given the deal isn’t expected to close until 2028.

The transaction, under which Lufthansa will first get a 44.9% stake, helps the German carrier become more international as the company wants to “rely less on production out of Germany,” where the company has pointed in the past to high fees and taxes.

TAP could generate unusually large network benefits by allowing Lufthansa to route more travelers from France, Spain and Portugal to Brazil via Lisbon, rather than rerouting them at “competitive prices” through its existing hubs in Frankfurt or Munich, Spohr said.

That way it could also use its hubs more efficiently for destinations such as Asia.

Lufthansa expects the deal to boost earnings per share in the first full year after closing, while the roughly €450 million in annual synergies would build over about four years, Chief Financial Officer Till Streichert said. The savings may increase further if Lufthansa can eventually take a majority stake in TAP, he said.

Either way, Lufthansa will have significant influence over TAP’s day-to-day operations, Streichert said, adding that major investments and strategic plans would go through the TAP board.

The relatively limited network overlap with TAP should also make the antitrust review easier than previous deals, Spohr said, though any remedies such as potential slot concessions are ultimately for European Union regulators to decide.

“I would even be as brave as saying that we will also hopefully face an easier process in Brussels this time,” compared with the lengthy approval process for Lufthansa’s investment in ITA Airways, Spohr said.

While the current plan is to buy a 44.9% stake, with the option to rise to 49.9% depending on employee-share take-up, Lufthansa also discussed with the Portuguese government to come to “100% ownership,” Spohr said.