Airline TAP sale approved by Portuguese competition authority

The sale now has to be approved by the National Authority of Civil Aviation, according to local media.

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Portugal’s competition authority (AdC) has approved the sale of 61 percent of airline TAP’s capital to Atlantic Gateway consortium.

The sale of the airline does not imply any significant hurdles to competition, the AdC said.

The sale now has to be approved by the National Authority of Civil Aviation according to local media.

TAP’s sale was part of an agreement the government made in 2011 when it signed a bailout with the European Central Bank, International Monetary Fund and European Commission.

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