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Civil Aviation
Farnborough 2016: Qatar Airways to buy stake in LATAM
Farnborough 2016: Qatar Airways to buy stake in LATAM
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| Staff writer 150 mots

Farnborough 2016: Qatar Airways to buy stake in LATAM

LATAM Airlines and Qatar Airways, both members of the oneworld alliance, have entered into a subscription agreement providing for Qatar Airways to purchase up to 10% of LATAM's total shares, which will be acquired in connection with a capital increase.

As provided for in the subscription agreement, LATAM Airlines Group will hold an Extraordinary Shareholders Meeting no later than 2nd September 2016 to propose a capital increase in the amount of $613m through the issuance of new shares at a price of $10 per share. 

The announcement was made by both airlines' CEOs: Akbar Al Baker, Group Chief Executive of Qatar Airways, and Enrique Cueto, CEO of LATAM Airlines Group. The companies expect the transaction to be completed by the fourth quarter of 2016.

The move follows Qatar Airways' announcement in May that it was increasing its stake in IAG Group, the parent company of British Airways and Iberia, to 15%.

 

 

 

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