Brazil's Azul Airlines Founder Wins Bid to Buy Portuguese
Carrier TAP
Portuguese government to sell control of TAP to group led by David
Neeleman
SÃO PAULO-The Portuguese government said Thursday it decided to sell control of its national carrier, TAP Air Portugal, to an investor group led by David Neeleman, the founder of Brazil's third-largest airline.
Mr. Neeleman started Azul Linhas Aereas Brasileiras SA and founded U.S. airline JetBlue. He and Latin American tycoon German Efromovich, owner of Avianca Taca Holding SA, had bid for 61% of the Portuguese company.
The Portuguese government offered 66% of the company-5% to its employees. This was the Portuguese government's second attempt to sell the indebted airline.
In 2012, Mr. Efromovich, through Avianca's controlling company Synergy Group Corp., offered 35 million euros for 95% of the airline, plus a capital injection of €316 million and the assumption of about €1.1 billion in debt held by TAP. His offer was refused because it didn't meet some financial conditions.
This time around, both the bids were viable, but the offer by Mr. Neeleman's group better responded to short-term challenges faced by TAP, Portuguese Secretary of Transport Sergio Monteiro said in a news conference.
The winning group, known as Gateway, will pay a minimum of €354 million ($398 million) and a maximum of €488 million for control of TAP, and will also provide 53 additional planes for TAP, according to Portuguese officials.
SÃO PAULO-The Portuguese government said Thursday it decided to sell control of its national carrier, TAP Air Portugal, to an investor group led by David Neeleman, the founder of Brazil's third-largest airline.
Mr. Neeleman started Azul Linhas Aereas Brasileiras SA and founded U.S. airline JetBlue. He and Latin American tycoon German Efromovich, owner of Avianca Taca Holding SA, had bid for 61% of the Portuguese company.
The Portuguese government offered 66% of the company-5% to its employees. This was the Portuguese government's second attempt to sell the indebted airline.
In 2012, Mr. Efromovich, through Avianca's controlling company Synergy Group Corp., offered 35 million euros for 95% of the airline, plus a capital injection of €316 million and the assumption of about €1.1 billion in debt held by TAP. His offer was refused because it didn't meet some financial conditions.
This time around, both the bids were viable, but the offer by Mr. Neeleman's group better responded to short-term challenges faced by TAP, Portuguese Secretary of Transport Sergio Monteiro said in a news conference.
The winning group, known as Gateway, will pay a minimum of €354 million ($398 million) and a maximum of €488 million for control of TAP, and will also provide 53 additional planes for TAP, according to Portuguese officials.
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