June 9 - Cargolux has entered into a strategic partnership with Doha-based Qatar Airways. The deal includes the acquisition by Qatar Airways of a 35 percent stake in Cargolux and a commercial cooperation.
The announcement comes just one month after Cargolux confirmed that it had entered into exclusive negotiations to sell a stake in the company share capital to Qatar Airways.
The deal marks the termination of the temporary role of the Luxembourg State as a shareholder in Cargolux, and enables other state-controlled shareholders - who participated in the 2009 Cargolux restructuring plan through the acquisition of a 33.7 percent stake of former SAirlines - to sell or reduce their ownership in Cargolux.
Frank Reimen, president & CEO of Cargolux, said: "We have identified numerous synergies owing to the complementary nature of our businesses that will enable us to develop scale and reach and strengthen our respective hubs in Luxembourg and Doha. The implementation of the cooperation plan will be a driver of high customer satisfaction, enhance our competitiveness through improved returns and benefit the Luxembourg economy overall through extra trucking and handling tonnage and the creation of new jobs."
The airlines will disclose further details at the closing of the transaction, which is expected to take place within a few weeks.
Luxembourg-based Cargolux operates a fleet of sixteen B747-400 freighters across a global network covering 90 destinations, 55 of which are served on scheduled all-cargo flights. The company also provides an extensive trucking network to more than 70 destinations in Europe and the USA.
Doha-based Qatar Airways operates a fleet of 98 aircraft to more than 100 destinations across Europe, the Middle East, Africa, Asia Pacific, North and South America.