Speaking at the signing, the Minister of Finance, Maria Luís Albuquerque, described the sale as the only viable alternative.


"Taking into account the persistent financial difficulties of the company and the European Union's legal restrictions on re-capitalising public companies, privatisation represents the only solution to ensure the viability of TAP as we know it today," said Albuquerque.


However, the minister also looked on the bright side of the sale terming it as “continuing public service and preserving the strategic value” with “the sale of TAP far more than just another success in the privatisation program, this stands for a genuine moment of turnaround."


Furthermore, the 10-year guarantee to keep the headquarters and management structures in Portugal along with commitments regarding maintaining routes to Portuguese speaking countries were other grounds for celebration Albuquerque told the signing ceremony.


There was a similar message from Economy Minister António Pires de Lima who described the deal as the government “doing what had to be done” while adding that the terms agreed meant “today is a day of hope, a commitment towards growth.”


Humberto Pedrosa, owner of the Barraqueiro transport group, and key partner in the Gateway consortium in conjunction with the Brazilian-American magnate David Neeleman, said that he was in it for the long term and that the plans for TAP were both “solid but realistic” and seeking to turn the company into the “best in Europe.”


There were also reports that the immediate strategic priority would focus on deepening the company’s strengths on routes to and from Brazil and North America in particular.


The sale of 61% of TAP sees Gateway take on some 10,000 employees across a range of activities ranging from maintenance through to duty-free, losses last year of €85 million and an accumulated net stock of debt in excess of €1 billion.