In 2015, the privatisation of TAP Air Portugal was initiated with the intention to sell 61% of the capital of the company. The process was concluded in 2016, with the state keeping 50% of the capital and the inverstors, the Portuguese-North-American consortium Atlantic Gateway, acquiring 45% of the shares. The remaining 5% were in public offer and were later acquired by TAP workers. Even though the state kept 50% of the shares, TAP became a private company, with a big share of economic rights in the hands of the consortium. In 2020, TAP Air Portugal became a state-owned company again, when the Portuguese state bought the 22,5% that belonged to the North-American investor, totalling 72,5% of the shares. Currently, after a capital increase and new acquisitions, the Portuguese state owns 100% of the capital of TAP Air Portugal through the Directorate General for the Treasury and Finance (Direção-Geral do Tesouro e Finanças), that integrates the Ministry of Finance. 