Then in 2020, another agreement was made to buy David Neeleman's indirect stake, further increasing the government's holding to about 72.5%. And in December 2021, TAP Air Portugal became a wholly state-owned carrier after the government became the sole owner.

As of early 2026, TAP Air Portugal is currently in the final stages of a privatization process and is majority-owned by the Portuguese Government through the state holding company, Parpública. Following its rescue and nationalization during the pandemic, the government announced plans to sell up to 44.9% of the airline to a strategic partner. In late 2025 and early 2026, three major European airline giants—the Lufthansa Group, Air France-KLM, and IAG (parent of British Airways)—formally expressed interest in bidding for a stake. Lufthansa is currently seen as a front-runner, aiming to integrate TAP into its Star Alliance network to strengthen its Atlantic hub in Lisbon. While the state intends to retain a significant influence to protect national interests, the "ownership" of TAP is shifting toward a hybrid model of public-private partnership to ensure its long-term financial sustainability and global competitiveness.