TAP Portugal investor in negotiations to sell stake in Atlantic Gateway to Lufthansa

David Neeleman, an investor in TAP Portugal´s reprivatization partner, Atlantic Gateway has announced he was in negotiations with a consortium led by German airline Lufthansa, the company said.

This development comes after a four-year rollercoaster ride for the national airline of Portugal that brought in a renaissance: the fleet was revitalized and a new route network established, emphasizing strengths and opening new potential destinations.

In 2015, TAP Portugal was dependent on local banks to support it and was mostly operating with aircraft that were inducted into the fleet in the 1990s. David Neeleman formed a consortium with the Chinese HNA Group, and Portuguese businessman Humberto Pedrosa to set up Atlantic Gateway, which took a 45% stake in TAP.

Neeleman has been involved in the success of Westjet, JetBlue, and Azul.