not CX but QR!!
QR Buys Into Cargolux
Qatar Airways will buy into Cargolux with purchase of 33 percent of the Luxembourg air freight carrier.
Sources close to the case told ACNFT the buyout has been confirmed and will be finalized very shortly.
The arrangement also precludes a financial investor from acquiring a major capital portion of Luxembourg’s air freight carrier.
The deal is the first time that an airline from the Middle East will have acquired shares of a European carrier.
Aviation experts rate this upcoming step as a win-win situation since it extends the geographical reach for both partners and enables them to mutually utilize their transport capacity.
Accordingly, Qatar Airways Cargo will feed their North- and Latin America destined shipments into Luxembourg’s Findel airport where Cargolux will take over to fly them across the Atlantic.
Vice versa Cargolux is expected to increase their presence in Doha by transferring some of their African- or Southeast Asian-bound shipments to Qatar Airways Cargo.
The accord, which has been under evaluation for more than a year was finalized some weeks ago when Luxembourg’s Finance Minister Luc Frieden together with Prince Guillaume of Luxembourg’s Grand Ducal family visited the Emir of Qatar.
The total value of the intended transaction is undisclosed.
Analysts, however, estimate the worth of the 33% stake at roughly €300 million Euros.