Qatar Airways to Acquire 9.6% Stake in Cathay Pacific

Qatar Airways said it will acquire a stake in Cathay Pacific Airways, following a filing made to the Hong Kong stock exchange Monday.

The Doha-based carrier will purchase 9.6% of Cathay from Hong Kong-based Kingsboard Chemical Holdings for HK$5.16 billion ($662 million).   The transaction is expected to close the same day.

The airline said the investment “further supports” its current strategy.

Qatar currently owns 20% of British Airways’ parent International Airlines Group, 10% of LATAM Airlines Group, and 49% of Maridiana. It recently attempted to acquire a stake in American Airlines, but dropped that effort after encountering opposition from that airlines’ management team.

Both Qatar Airways and Cathay Pacific are members of the oneworld alliance.

(Photo: Accura Media Group)