Deals
Qatar Airways Buys Cathay Pacific Stake for $662 Million
- Kingboard Chemical, associates to sell 378.2 million shares
- Stake may help Middle Eastern carrier enhance Asia footprint
This article is for subscribers only.
Qatar Airways Ltd. agreed to acquire a stake in Cathay Pacific Airways Ltd., a deal that would help it gain a foothold in the world’s second-biggest aviation market.
The Middle Eastern carrier will buy 9.6 percent of Cathay from Hong Kong-based Kingboard Chemical Holdings Ltd. and related companies for HK$5.16 billion ($662 million), according to a filing to the city’s stock exchange Monday. Chief Executive Officer Akbar Al Baker, confirming the deal, said the investment "further supports Qatar Airways investment strategy.”