In March 2023, the executive appointed a commission to monitor the privatisation of the airline, led by economist João Teixeira, which also included economist António Maio and lawyer Elias Pereira, who was replaced in 2025 by economist Maria Teresa Tiago.

As SATA prepares to begin a new privatisation process, this time through direct negotiation, the Azorean executive has reappointed the same commission, in a decree published in the Official Gazette.

João Teixeira is the president of the Faculty of Economics and Management at the University of the Azores, an institution where Maria Teresa Tiago is also a professor. António Maio is the chairman of the board of directors of the Caixa Económica da Misericórdia de Angra do Heroísmo.

The Government Council (PSD/CDS/PPM) approved a resolution in March instructing the board of directors of SATA Holding SA to "initiate a new private negotiation procedure with a view to the sale of the majority of the share capital of SATA Internacional/Azores Airlines".

The Regional Secretary for Finance, Duarte Freitas, said at the time that adopting the direct negotiation modality aimed to "ensure greater efficiency and agility" in a privatisation process that must be completed by the end of the year.

The official revealed that the new procedure would have as "independent supervisor" the president of the jury of the previous privatisation process, Augusto Mateus, and would maintain the same monitoring committee.

In March 2023, a tender was launched for the privatisation of 51 to 85% of the share capital of Azores Airlines, following an agreement with the European Commission, which approved, in June 2022, state aid of €453.25 million for the airline's restructuring.

The tender received two bids, but the jury accepted only one competitor and admitted reservations about the consortium's ability to ensure the company's viability.

In May 2024, the Azorean executive announced that it had cancelled the tender and was preparing to launch a new one, based on the company's valuation, which had increased from €6 to €20 million.

However, in March 2025, the Governing Council decided to maintain the privatisation process, arguing that the competitor had improved its financial offer.

The Atlantic Connect Group consortium submitted a bid of €17 million for 85% of Azores Airlines' share capital on 24 November 2025.

In March 2026, the Regional Government decided to terminate the privatisation of Azores Airlines without awarding the contract, following the jury's recommendation that the only accepted proposal involved "unacceptable risks," a shareholder agreement that would reduce public participation, and a less experienced aviation team.

The deadline for the privatisation of Azores Airlines was 31 December, 2025, but the European Commission granted a one-year extension.