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A deal between Qatar Airways and between LATAM Airlines Group has been made official. The Qatari airline will acquire 10% of the South American airline group.

Qatar’s global investment strategy

Qatar Airways has acquired a 10% stake in its South American peer LATAM Airlines Group. The deal was previously announced at the 2016 Farnborough Airshow and received a green light in November. The deal is valued at $608 million. With the deal Qatar Airways acquires a strategic stake in South America’s biggest airline.

The acquisition of the 10% stakes fits Qatar Airways’ global investment strategy that focuses on acquiring big minority stakes in airlines and airline groups around the world. The Qatari airline already owns 15% of the IAG Group, parent company of British Airways, Aer Lingus and Vueling, and a minority stake in Italian Meridiana.

The acquisition of the LATAM stake is the latest after increasing ownership of the IAG Group to 20% and buying a 49% stake in Meridiana earlier this year.

Qatar Airways and LATAM will intensify their current cooperations that exist via their oneworld membership.