VdA advised the Portuguese Government and Parpública - Participações Públicas (SGPS), S.A. ("Parpública"), in the context of State aid of up to EUR 1.2 bilion granted to TAP and in the acquisition by the Portuguese State of a further 22.5% of the share capital of TAP - Transportes Aéreos Portugueses, SGPS, S.A. ("TAP SGPS") - the holding company of Grupo TAP, acquisition which, together with the 50% stake already held by Parpública, led the Portuguese State to directly and indirectly hold a 72.5% stake in TAP SGPS.

VdA also advised the Portuguese Government on the application for state aid of up to ?1.2 million, authorised by the European Commission on 10 June 2020, which took the form of a rescue loan granted to TAP.

This was a complex operation across the areas of Corporate M&A, Competition & EU, Capital Markets, Banking & Finance and Public Administration, consisting of Partners Jorge Bleck, Nuno Ruiz, Paulo Pinheiro, Ana Marta Castro, José Pedro Fazenda Martins and Hugo Moredo Santos and Associates Leonor Bettencourt Nunes, Francisca César Machado and David Cuba Topete.