On June 11, 2015, the Portuguese Government announced that a consortium made up of DGN Corporation and Barraqueiro, (together the Gateway Consortium), has been selected as the purchaser of a 61% stake in TAP – Transportes Aéreos Portugueses (TAP) from Parpública, as part of TAP privatization.  An additional 5% stake is being sold to TAP employees. The total consideration from Gateway Consortium for TAP is €348 million, comprising €10 million purchase price and a €338 million cash injection, implying an adjusted firm value of approximately €1.7 billion. As part of the transaction, it was also announced an option for the

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