Qatar Airways Wants a Piece of Italian Air Carrier Meridiana
DUBAI, United Arab Emirates (AP) — Qatar Airways says it has completed the acquisition of a 49 percent stake in Italy’s AQA Holding, the new parent company of Italy’s second largest carrier Meridiana.
Qatar Airways, one of the Middle East’s biggest carriers, said Sunday that previous sole shareholder Alisarda will keep a 51 percent share in the company.
Meridiana was set up in the early 1960s by the Aga Khan, a business mogul and the spiritual leader of Ismaili Muslims.
Qatar Airways already has a strong presence in Italy, with more than 40 flights a week from its base in Doha. The airline has a fleet of 200 aircraft, while Meridiana says it has 16.
Italy’s largest carrier remains Alitalia, which is partly owned by Qatar Airways’ regional competitor Etihad Airways, based in Abu Dhabi.
The loss-making, Sardinia-based Meridiana is Italy’s second largest carrier behind Alitalia, which is partly owned by Abu Dhabi’s Etihad Airways. Alitalia filed for administration earlier this year.
The value of the Meridiana acquisition was not given, and the deal was finalized after protracted negotiations that formally started more than a year ago.
“We are delighted to formalize this important partnership, which will help increase Meridiana’s competitiveness in the European market,” Qatar Airways Chief Executive Akbar al-Baker said.
Italian Foreign Minister Angelino Alfano said the deal represented a turnaround for Meridiana and would help Italy’s tourism industry, especially in the poorer south of the country.
Transport Minister Graziano Delrio said it would ensure job security for Meridiana workers, and created the potential for future job growth.
Alisarda Chairman Marco Rigotti has been appointed the chairman of AQA Holding, and Francesco Violante has been appointed as chairman of Meridiana.
According to and an earlier report by Reuters, a new strategy and chief executive for Meridiana would be announced in “due course,” but al-Baker said Qatar Airways would work with Meridiana to improve its connectivity to Italy, other European destinations, and to the United States.
Al-Baker has said Meridiana would use Boeing 737 MAXs ordered by Qatar Airways, with 20 to be delivered to the Italian airline from the second quarter of 2018.
Meridiana, which offers flights to and from Sardinia and other destinations in Italy, was until now fully owned by the Aga Khan, a businessman and spiritual leader of the Ismaili Muslims.
Qatar Airways bought the Meridiana stake nearly four months into a Gulf political crisis that has seen some Arab states cut ties with Qatar, and the airline banned from flying to some Middle East cities.
Qatar Airways also owns minority stakes in British Airways parent International Airlines Group (IAG) and South America’s LATAM Airlines.
Earlier this year, Qatar Airways tried to add American Airlines to its portfolio of minority stakes but later backed away after being rebuked by American’s management. It has also expressed interest in Royal Air Maroc.
Qatar Airways has said it buys stakes in airlines that it believes are good investments and lets them operate as businesses distinct from the Gulf carrier.
With reports from Reuters and AP
