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TAP turning to Brazilian airline tycoons for funding

June 16, 2015 Aviation, Headline News No Comments Email Email

egtmedia59Two competing Brazilian airline tycoons are bidding keenly for Portuguese flag carrier TAP, according to new reports.

Brazil and Portugal have strong historic connections, Brazil being a Portuguese-speaking former colony of Portugal. reports that two bidding consortia, each headed by a Brazilian tycoon, have improved their offers for the airline.

Brazilian-Colombian investor German Efromovich heads one consortium. He controls Latin America’s Avianca through his holding company Synergy.

The rival consortium involves American-Brazilian investor David Neeleman (chief executive of Azul Brazilian Airlines and founder of US airline JetBlue) and Portuguese bus company owner Humberto Pedrosa.

TAP operates a fleet of 77 aircraft with 2500 weekly flights, many of them to Brazil. Neeleman has pledged to renew the fleet with “53 new and technologically advanced aircraft”, if his bid is successful.

Portugal’s government wants to sell its 61% controlling stake in TAP by the end of June.

Written by Peter Needham

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