Portuguese airline TAP Portugal said today that it had signed an agreement to buy a 99.81% stake in rival Portugese airline Portugalia (PGA) for €140m.
The acquisition, if approved by the Portugeuse competition authority, would result in a merger of the two biggest airlines in Portugal.
TAP said it had signed the agreement with Portugalia shareholder Espirito Santo International.
The deal will also see TAP take the 6% stake in ground handling company Groundforce, which is currently owned by PGA.
