Skift Take

With a stake in LATAM, Qatar CEO Akbar Al Baker seems intent in embarking on a global investment strategy with parallels to that of rival Etihad, although the latter has hit the pause button and is reviewing its strategy after some European investments that haven't worked out so well.

Qatar Airways says it has purchased a 10-percent stake in Chile’s LATAM Airlines Group for $608 million.

The Doha-based state airline announced the stock purchase late Wednesday.

LATAM was created when Chile’s LAN took over Brazil’s TAM in 2012. The airline flies to some 140 destinations in 25 countries.

LATAM stock closed at $8.42 a share Wednesday, up 1.6 percent.

Qatar Airways operates a fleet of 192 aircraft out of its hub in the vast new Hamad International Airport in Doha, which is preparing to host soccer’s World Cup in 2022.

It is one of the Middle East’s biggest carriers, along with Dubai-based Emirates Airline and the Abu-Dhabi based Etihad Airways. The three airlines increasingly have challenged Western airlines in long-haul flights.

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

Subscribe to Skift Pro

Subscribe to Skift Pro to get unlimited access to stories like these ($30/month)

Subscribe Now

Tags: investments, latam, qatar

Photo Credit: Qatar has invested in Chilean Airline LATAM. Shown here is a LATAM 787-9 Dreamliner aircraft. LATAM