Qatar Airways has reached an agreement to buy up to 10% of shares in Latin America's main airline group LATAM, which will be bought in connection with a capital increase.
LATAM will hold an extraordinary shareholders meeting no later than September 2 to propose a US$613 million capital increase through the issuance of new shares at $10 each.
Both Qatar and LATAM are members of the oneworld alliance, of which British Airways and Iberia parent IAG is also a member.
"LATAM represents an exciting opportunity to invest and support the development of our long-term relationship. As a leading airline in Latin America, and key member of oneworld, this investment provides potential opportunities for Qatar Airways' global network, alongside our successful investment in IAG," said His Excellency Mr. Akbar Al Baker, Qatar Airways group chief executive.
"We are proud to announce Qatar Airways as a new shareholder of LATAM, reaffirming our bond as existing members of the oneworld alliance.
"This investment recognises LATAM's achievements and supports our project for the future. In addition to strengthening our financial position, it will allow us to explore new opportunities for connectivity with Asia and the Middle East, as well as other potential areas of cooperation," said Enrique Cueto, CEO of LATAM.
The companies expect the transaction to be completed within the fourth quarter of the year.
Travelmole
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