Qatar Airways has acquired an approximately 9.61% stake in Hong Kong-based Cathay Pacific. The information was confirmed by the Hong Kong carrier.
In a filing to the Hong Kong stock exchange on Monday, November 6, Qatar Airways said it would acquire 378,188,000 shares in Cathay Pacific from Hong Kong-based Kingboard Chemical Holdings and related companies for HKD5.16 billion (USD661 million). As a result of the deal Air China and Swire Group will hold a combined 74.99% of Cathay Pacific shares.
Cathay Pacific Chief Executive Officer, Rupert Hogg confirmed that they are happy to extend their partnership with Qatar Airways, which are one of the world’s premier airlines. The two carriers have already been working together as members of Oneworld.
The new acquisition is part of a series of such steps taken by Qatar Airways this year, which increased its shares in different initiatives including IAG International Airlines Group (20%), LATAM Airlines Group (10%) and AQA Holding (49%).