Airlines Qatar Airways acquires 9,61% of Cathay Pacific
Qatar Airways announced on Monday, that it has entered into an agreement to buy a 9,61 percent stake of Cathay Pacific. The price for 378,188,000 shares is HK$5.16 billion ($661 million).
Akbar Al Baker, Qatar Airways Group Chief Executive, said: “Qatar Airways is very pleased to complete its financial investment in Cathay Pacific. […] Cathay Pacific is a fellow Oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future.” Cathay Pacific Chief Executive Officer Rupert Hogg underlines the importance of Oneword by saying: “We already work together closely as fellow members of the Oneworld alliance and we look forward to a continued constructive relationship."
The acquisition is the first investment by a Middle Eastern Airline into an East Asian carrier and makes Qatar Airways the third biggest shareholder of Cathay Pacific, after Swire Pacific Ltd and Air China Ltd. Becoming active in the East Asian market, provides the Doha-based company access to mainland China, a market set to become the biggest in the aviation industry. Further, the deal underlines Qatar Airways´ investment strategy, as they already own 20% of International Airlines Group (IAG), 10% of LATAM Airlines Group an 49% of Meridiana.
Qatar Airways is the national carrier of Qatar and serves more than 150 destinations worldwide. The fleet measures 200 aircraft.
Cathay Pacific is the flag carrier of Hong Kong and serves 180 destinations in 44 countries worldwide. The fleet is 148 aircraft large and consists of wide-body aircraft only, including Airbus A330, Airbus A350 and Boeing 777.
Source © Qatar Airways, Cathay Pacific