Qatar Airways, Qatar’s national carrier, has announced the completion of its acquisition of a 10% stake in Latam Airlines Group, a leading airline group in Latin America.

The transaction is said to be worth $608.4 million. Both Qatar Airways and Chile-based Latam are members of the oneworld alliance.

“The pre-emptive rights offering of 61,316,424 new shares, at a price per share of $10, ended on December 23, 2016, in which Qatar subscribed shares of Latam through its wholly-owned subsidiary Qatar Airways Investments (UK) Ltd (Qatar) in its capacity as assignee of the preemptive right assigned by the shareholders of the Cueto, Amaro, Eblen and Bethia Groups to Qatar, as agreed between Latam and Qatar, and other minority shareholders subscribed 12,140 shares of Latam,” said a statement.

On December 28, Qatar subscribed 30,349,907 shares not subscribed by the shareholders during the pre-emptive rights period, it added.