Thursday, September 21, 2017, 9:46 pm

Qatar Airways acquires 10% stake in LatAm airline


DUBAI: Qatar Airways bought a 10-percent stake Wednesday in LatAm, the largest airline in Latin America, the Chilean-Brazilian company said.

The investment, first announced last July, amounts to 60.8 million shares at a price of $10 each, LatAm said in a statement.

The airline — the product of a 2012 merger between Chile’s LAN and Brazil’s TAM — said Qatar’s arrival as a stakeholder “represents a unique opportunity to develop a long-term relationship and explore new opportunities to connect with Asia and the Middle East.”

The cash from oil- and gas-rich Qatar’s flagship airline comes just in time for struggling LatAm, which lost $219 million in 2015 as Brazil, its main market, struggled through a deep recession.

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