Qatar Airways is taking a 10% stake in South American airline group LATAM Airlines for more than $600 million.

The move comes two months after the Gulf carrier raised its stake in British Airways parent International Airlines Group to more than 15%. All airlines are part of the Oneworld alliance.

The Doha-based carrier is spending $613 million on the shareholding in LATAM in a deal which is expected to be completed in the fourth quarter of the year.

Qatar Airlines chief executive Akbar Al Baker said: “LATAM represents an exciting opportunity to invest and support the development of our long-term relationship.

“As a leading airline in Latin America, and key member of Oneworld, this investment provides potential opportunities for Qatar Airways’ global network, alongside our successful investment in IAG.”

Enrique Cueto, chief executive of LATAM Airlines, added: “This investment recognises LATAM’s achievements and supports our project for the future.

“In addition to strengthening our financial position, it will allow us to explore new opportunities for connectivity with Asia and the Middle East, as well as other potential areas of co-operation.”