Qatar Airways to take quarter stake in Virgin Australia

[Pelican Press 0]

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Qatar Airways to take quarter stake in ******* Australia

Qatar Airways plans to take a 25 per cent stake in code-share partner ******* Australia in a move that will expand the Gulf carrier’s global network.

Qatar plans to acquire the ********* stake from ******* Australia owner Bain Capital, the companies said in a ****** statement.

The move aims to give Qatar Airways better access to a market where it was denied more connections by the Federal Government last year — a contentious move the airline said was unfair and protected rival Qantas’ dominant position in the market.

******* said the stake would allow for a measured entry into long-haul international flying by the middle of next year, with significant flow on benefits for *********** travellers and the economy.

“A deeper strategic relationship between ******* Australia and Qatar Airways will drive increased competition in *********** aviation,” the statement said.

“This will ensure *********** consumers have access to even better value airfares and greater choice.

“Domestic competition in Australia is dependent on ******* Australia thriving through the inevitable ups and downs of aviation.

“Qatar Airways group’s strategic investment will provide access to the critical scale and expertise of a world leading global airline.”

******* said Qatar’s buy-in also serves as a cornerstone investment ahead of a long-awaited return of ******* Australia to trading on the *********** Securities Exchange

******* crumbled under the weight of $6.8 billion in debt during the pandemic and was rescued in 2020 by Bain in an $3.5b deal that wiped out much of the claims of unsecured creditors. Bain last year postponed plans for an initial public offering for the airline.

Doha-based Qatar is also the largest shareholder of British Airways owner IAG, and owns about 10 per cent of Hong Kong-based Cathay Pacific and Latam Airlines.

******* Group and Queensland Investment Corporation will retain shareholdings in ******* Australia, according to the Monday statement.

Qatar has also announced several acquisitions in *******, including buying a 25 per cent stake in South *******’s SA Airlink and the pending purchase of 49 per cent of Rwanda’s RwandAir.

The ******* and Qatar deal is subject to regulatory approval.

More to come.

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