According to a statement, "following agreements reached with representatives of the pilots and cabin crew, Carlos Tavares, Tiago Raiano, Paulo Pereira, and Nuno Pereira submitted a joint proposal for the acquisition of 85% of Azores Airlines," from the SATA group.

From this moment on, the four proposing entrepreneurs will be represented by a single structure called Atlantic Connect Group.

A source connected to the process explained to the Lusa news agency that businessmen Tiago Raiano (Newtour tourism group) and Nuno Pereira (MS Aviation) – the Newtour and MS Aviation consortium – initially submitted the proposal to acquire the Azorean airline and, at the beginning of this year, joined forces with businessmen Carlos Tavares (former CEO of Stellantis) and Paulo Pereira (owner of Quinta da Pacheca), creating the new entity Atlantic Connect Group to represent them and provide “a single voice”.

“With this unified organization, and aligned in the same purpose, the businessmen reinforce the coherence and clarity of the proposal, guaranteeing communication with one voice with all stakeholders, starting with the company's employees,” the statement said.

The jury for the privatization tender of Azores Airlines (a SATA group company operating flights from the Azores archipelago to international destinations) is now beginning a period of reviewing all the submitted documentation.

According to the statement, the Atlantic Connect Group “is available to provide any necessary clarifications to the jury, maintaining, at this stage, the public reserve appropriate to a process that is intended to be rigorous, impartial and swift.”

The submitted proposal “considers the company's current financial situation and incorporates the strategic vision of the entrepreneurs, oriented towards the company's sustainability and the consolidation of its operation, as a strategic asset for Portugal and the Autonomous Region of the Azores,” it concluded.

Deadline extension

The jury for the privatization of Azores Airlines accepted the request from the Newtour/MS Aviation consortium (the business group that initially submitted the acquisition proposal) and extended the deadline for submitting a proposal to purchase the company until November 24th.

The jury's decision, led by economist Augusto Mateus, came after the Newtour/MS Aviation consortium requested an extension of the deadline for submitting a proposal to purchase Azores Airlines, as it had initially set the deadline for October 24th.

On November 9th, the Civil Aviation Pilots Union (SPAC) revealed to the Lusa news agency that the agreement negotiated between the SPAC leadership and the Newtour/MS Aviation consortium was approved by 75% of the votes at the Azores Airlines Company Assembly.

The privatization of Azores Airlines was negotiated with the Newtour/MS Aviation consortium, and the Regional Government (PSD/CDS-PP/PPM) admitted the possibility of a private negotiation or the closure of the company if an agreement could not be reached.

The Azores Government had announced, on May 2nd, 2024, the cancellation of the Azores Airlines privatization tender and the launch of a new one, but ended up authorizing the SATA administration to negotiate with the consortium.

In June 2022, the European Commission approved Portuguese state aid to support the restructuring of the airline, amounting to €453.25 million in loans and state guarantees, including measures such as a reorganization of the structure and the divestment of a controlling stake (51%).