US fund ponders TAP share

The US fund Certares which owns a 40% capital stake in the Porto-based river cruise company Douro Azul controlled by Mário Ferreira, is pondering a capital investment in Portugal’s airline TAP.

According to Público, the fund is currently in exclusive negotiations to acquire part of ex-Alitalia with Delta and Air France and has already invested in Douro Azul and Trip Advisor.
Now the fund is interested in buying a stake in TAP and has already made its interest known to the Portuguese government according to information gathered by the newspaper from sources close to the process.
However, according to Público, the Government is said to be not that keen on the offer because it would rather sell the airline to competing airlines in the market rather than to fund and equity managers.
The Government’s current strategy is to give priority to Lufthansa, Air France-KLM and IAG (the latter group owning British Airways and Iberia).
Founded in 2012, Certares comprises a team of private equity and operating professionals with deep industry, investment, transaction and management experience with US$8.3Bn of Assets Under Management, including co-investments. Its investment activities focus on several key areas including travel and tourism, hospitality, business and consumer services.