Qatar Airways (QR, Doha Hamad International) has acquired a 9.99% stake in International Airlines Group (IAG), the parent firm of British Airways, Iberia, and Vueling Airlines. The transaction is valued at roughly GBP1.15 billion (USD1.7 billion). In a press statement, the Qatari carrier said it may consider increasing its stake further over time.
“IAG represents an excellent opportunity to further develop our Westwards strategy. Having joined the Oneworld alliance, it makes sense for us to work more closely together in the near term and we look forward to forging a long-term relationship,” Akbar Al Baker, Group Chief Executive of Qatar Airways, said.
Commenting on the share acquisition, Willie Walsh, IAG chief executive, said: "We're delighted to have Qatar Airways, one of the world's premier airlines, as a long term supportive shareholder. We will talk to them about what opportunities exist to work more closely together and further IAG's ambitions as the leading global airline group."
