Qatar Airways has entered into an agreement to purchase 378,188,000 shares of Cathay Pacific Airways, representing approximately 9.61% of the total issued share capital.

“Qatar Airways is very pleased to complete its financial investment in Cathay Pacific,” said Akbar Al Baker, group chief executive of Qatar Airways. “Cathay Pacific is a fellow oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future.”

The shares were acquired for a total of HK$5,162,266,000 (US$661,646,600) from Kingboard Chemical, wholly owned subsidiary Kingboard Investments and non-wholly owned subsidiary Kingboard Laminates.

Air China and Swire Pacific continue to hold 74.99% of shares in Cathay.

“Qatar Airways is one of the world’s premier airlines,” said Rupert Hogg, chief executive officer of Cathay Pacific. “We already work together closely as fellow members of the oneworld alliance and we look forward to a continued constructive relationship.”

Qatar Airways already holds a 20% stake in International Airlines Group, a 10% stake in LATAM Airlines Group and a 49% stake in Meridiana. In June 2017, it also planned to acquire an initial 4.75% stake in American Airlines with an eventual increase to 10%, but later dropped those plans in August 2017.