Qatar Airways announced on Monday that it has acquired a 9.61 percent stake in Hong Kong-based Cathay Pacific Airways, according to a filing the Middle Eastern carrier sent to the Qatar Stock Exchange the same day.
The purchase will make Qatar Airways the third-largest shareholder in Cathay after Swire Pacific and Air China.
Zhou Feng, secretary of the board of Air China, said the national carrier welcomes the deal because the new investor is professional in the aviation industry and can produce operating synergies.
Cathay has struggled in recent years due to increasing competition from rivals from the Chinese mainland and other low-cost carriers, news website ifeng.com reported.
