SATA Holding announces that the terms and conditions document (Caderno de Encargos) relating to the process for the sale of at least 75% of the share capital of SATA Internacional — Azores Airlines has been published in the Official Gazette.
This transaction represents an investment opportunity in an airline of strategic relevance in the North Atlantic, playing a central role in the connectivity of the Autonomous Region of the Azores.
The published terms and conditions establish the framework for the transaction, ensuring a transparent, competitive process open to entities that demonstrate integrity and financial capacity to develop the business project.
The process as it is currently structured includes a significant clarification of the debt conditions of the assets, which will be the responsibility of the public shareholder. This ensures that the perimeter subject to the transaction is financially stable and in accordance with best market practices. It also addresses human resources, clearly defining their separation from the scope of the transaction, thereby ensuring predictability and mitigating operational and social risks associated with the process.
Additionally, specific obligations are provided for the buyer, including the maintenance of essential conditions for operational and labor stability.
The procedure adopted takes the form of a private negotiation process, allowing for a phased and more efficient approach in engaging with investors, while safeguarding the principles of transparency, equality, and competition. Following an initial verification of the integrity and financial capacity of the interested parties, non-binding proposals will be submitted, followed by a subsequent phase of binding proposals based on in-depth due diligence.
Through this new procedure, SATA Holding hopes to ensure a deal that will draw in qualified investment. This will support Azores Airlines' long-term viability and enhance the airline's strategic role in the growth and territorial unity of the Autonomous Region of the Azores.
NOTE |
The sale procedure shall be conducted through private negotiation, in an open, transparent, competitive and non-discriminatory manner. The Procedure Rules for the private negotiation procedure set out the process and conditions to be observed in the sale and can be downloaded here (only available in portuguese).
Domestic and foreign investors, acting individually or as part of a consortium, may participate in this procedure, provided that they demonstrate compliance with the participation requirements, namely those relating to good standing and financial capacity, as set out in the Procedure Rules. To that end, they shall, inter alia, download and complete the Suitability and Compliance Form (Attachment I of the sale procedure), and send it to privatizacao2026@sata.pt.