TAP sends contract for 49.9% sale of handling to public spending auditors

TAP has now sent the signed contract for the sale of its 49.9% stake in SPdH — Serviços Portugueses de Handling (formerly Groundforce) to Menzies Aviation, to the Court of Auditors. According to sources close to the process the document was sent this week.

Because it involves the sale of TAP Group assets to private entities, this operation is part of the national airline’s restructuring process and is therefore subject to public scrutiny, audit, and oversight by the Court of Auditors.

This sale of the remaining stake in the ground handling company was the last piece missing for TAP to fully comply with the restructuring plan agreed with Brussels, with the divestment in SPdH being a binding requirement of the European Commission.

It should be recalled that both this operation and the sale of Cateringpor should have been completed by December 31, 2025. As the deadline was not met, the European Commission penalised TAP with the return of €25 million in state aid due to the delay, eventually granting an additional six-month grace period for the airline to sell both companies.

Source: Jornal Ecónomico; Credits: TAP