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Qatar purchases 5% stake in China Southern

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kimshep

Qantas - Qantas Frequent Flyer

Member since 11 Oct 2014

Total posts 318

Just announced - source Wall Street Journal, AAP, Reuters and others.


Qatar Air (QR) overnight completed a transaction purchasing a 5% share of China Southern (CZ). The sale price is undisclosed but at current market value represents approximately USD $ 500m. The move is described as an additional defensive strategic move for QR and provides an additional foothold in the rapidly growing Chinese market. In a separately issued statement by China Southern (CZ), it is mentioned that QR may consider increasing its stake in CZ during 2019.

QR already holds a significant 20% stake in IAG (owner of BA, IB, EI and Vueling), 10% of South American carrier Latam, 10% of Cathay Pacific (CX) and 49% of Meridiana / Air Italy. QR's stake purchase in CZ is similar to the recently purchased American Airlines (AA) investment in CZ.

xtfer

Virgin Australia - Velocity Rewards

Member since 14 Mar 2017

Total posts 140

This explains why CS pulled out of Skyteam. Will they be joining Oneworld, I wonder?

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