Qatar Airways and IAG deepen ties
Print Edition
QATAR Airways said yesterday it has bought nearly 10 percent of the parent company of British Airways and Spain’s Iberia, deepening wealthy Qatar’s business ties to Europe and raising competition with the airline’s fast-growing Gulf rivals.
The Qatari government-backed airline said the decision to buy 9.99 percent of International Consolidated Airlines Group, also known as IAG, was part of an effort to enhance its operations and strengthen commercial ties with the European company.
“It makes sense for us to work more closely together in the near term and we look forward to forging a long-term relationship,” Qatar Airways CEO Akbar al-Baker said in a statement.
Qatar Airways said it may consider increasing its stake further down the road. Financial terms were not disclosed.
Qatar Airways in 2012 joined the Oneworld alliance, becoming the first of the big Gulf carriers to join an international airline alliance. BA was a founding member of the alliance, which also includes Iberia, American Airlines, Qantas, Cathay Pacific and several others.
IAG welcomed the move, noting its existing partnership with the Middle Eastern airline. IAG Chief Executive Willie Walsh said he was delighted to have Qatar Airways 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,” he said.
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