Qatar Airways has announced it is taking an almostQatar Airways 10% stake in Hong Kong-based Cathay Pacific Airways.
The agreement, which Qatar Airways said it expects to complete Nov. 6, means the Gulf carrier will hold a 9.6% stake in Cathay at a value of about $600 million.
Cathay and Qatar are both members of the oneworld global alliance.
Qatar Airways already has a 20% stake in International Airlines Group, parent of British Airways, another oneworld member, as well as a 10% stake in LATAM Airlines Group, and a 49% investment in Meridiana.
Qatar backed off from a move in June to take a 10% stake in American Airlines, also in oneworld, after American chairman and CEO Doug Parker sharply rebuked the bid as “puzzling at best; concerning at worst.” American is campaigning with Delta Air Lines and United Airlines to constrain growth of the major Gulf carriers – Qatar, Emirates Airlines and Etihad Airways – over claims that they are heavily subsidized by their government owners.
Qatar Airways Group CEO Akbar Al Baker said in a statement Monday that Cathay was “one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future”.