Azul Airlines Founder Wins Bid to Buy Portuguese Carrier TAP

SÃ O PAULO—The Portuguese government said Thursday it decided to sell control of its national carrier, TAP Air Portugal, to an investor group led by David Neeleman, the founder of Brazil's third-largest airline.

Mr. Neeleman started Azul Linhas Aereas Brasileiras SA and founded U.S. airline JetBlue. He and Latin American tycoon German Efromovich, owner of Avianca Taca Holding SA, had bid for control of the Portuguese company.

Both the bids were viable, but the offer by Mr. Neeleman's group better responded to short-term challenges faced by TAP, Portuguese officials said at a news conference. The winning group, known as Gateway, offered more money earlier, and offered 53 additional planes for TAP.

The sale is part of a multibillion-euro privatization program Portugal undertook as part of a three-year €78 billion ($87 billion) international bailout program, which ended this year.

Eduardo Correia and Patricia Kowsmann in Lisbon contributed to this article.

Write to Luciana Magalhaes at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires