Qatar Airways is to acquire up to 10% of LATAM Airlines Group’s total shares, according to subscription agreement signed between the two companies at the Farnborough International Airshow.

“LATAM represents an exciting opportunity to invest and support the development of our long-term relationship,” said Akbar Al Baker, chief executive of the Qatar Airways Group [right in photo]. “As a leading airline in Latin America, and key member of oneworld, this investment provides potential opportunities for Qatar Airways’ global network, alongside our successful investment in IAG.”

Under the agreement, LATAM will hold an extraordinary shareholders meeting no later than September 2, 2016, proposing a capital increase of US$613 million through the issuance of new shares at a price of US$10 per share.

“This investment recognises LATAM’s achievements and supports our project for the future,” said Enrique Cueto, CEO of the LATAM Airlines Group [left in photo]. “In addition to strengthening our financial position, it will allow us to explore new opportunities for connectivity with Asia and the Middle East, as well as other potential areas of cooperation.”

The transaction is expected to be completed during the fourth quarter of 2016, according to Qatar and LATAM.

This will be Qatar Airways’ second investment in a oneworld partner, after it acquired 9.9% of International Consolidated Airlines Group in 2015. Qatar later increased its stake in IAG to 15.01% in May 2016.