Qatar Airways announced Monday that it's buying a nearly 10% stake in its oneworld partner, Hong Kong-based Cathay Pacific, for about $662 million.
The airline already owns significant shares in several other oneworld partners as well as others. In addition to the 9.61% of Cathay, it already owns about 20% of International Airlines Group (parent of British Air, Iberia, Vueling and Aer Lingus), and 10% of South American carrier LATAM, formed two years ago by a merger of Chilean, Colombian and Brazilian airlines.
Qatar also 49% of Italian carrier Meridiana, not a oneworld member, and earlier this year tried to buy 10% of American Airlines, which successfuly blocked the deal.
Qatar has taken a different tack from its fellow Gulf carrier, Etihad, by investing in its network partners, rather than trying to create its own network. Etihad for several years bought large stakes in overseas carriers that were not doing well in hopes of making them successful as feeders and partners for its own routes. However, some of the airlines involved, including Air Berlin, Alitalia and Air Serbia have fallen into bankruptcy and Etihad has withdrawn its stake from several
Comments (0)