SÃ O PAULO—The Portuguese government said Thursday it decided to
sell control of its national carrier, TAP Air Portugal, to an
investor group led by David Neeleman, the founder of Brazil's
third-largest airline.
Mr. Neeleman started Azul Linhas Aereas Brasileiras SA and
founded U.S. airline JetBlue. He and Latin American tycoon German
Efromovich, owner of Avianca Taca Holding SA, had bid for control
of the Portuguese company.
Both the bids were viable, but the offer by Mr. Neeleman's group
better responded to short-term challenges faced by TAP, Portuguese
officials said at a news conference. The winning group, known as
Gateway, offered more money earlier, and offered 53 additional
planes for TAP.
The sale is part of a multibillion-euro privatization program
Portugal undertook as part of a three-year €78 billion ($87
billion) international bailout program, which ended this year.
Eduardo Correia and Patricia Kowsmann in Lisbon contributed to
this article.
Write to Luciana Magalhaes at luciana.magalhaes@wsj.com
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