Hong Kong airline Cathay Pacific plans to buy back the 9.6% stake it sold to Qatar Airways in 2017, subject to shareholder approval.
The proposed purchase price is $896.5 million; Qatar bought the stake for $662 million.
"The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to the development of the Hong Kong international aviation hub," Cathay Group chairman Patrick Healy said.
Cathay had prolonged losses during the pandemic, a situation that was exacerbated by mass protests and political strife before Covid and by Hong Kong being one of the last global destinations to end pandemic travel restrictions in April 2023.
The share repurchase plan follows a strong post-pandemic recovery. During the first half of 2025, Cathay Group, which includes Cathay Pacific and low-coat carrier HK Express, reported a profit of $476 million, its third straight profitable first half.
Cathay Pacific's flying has also recovered. In the 12 months that ended in October, the airline flew 12.4% more seats than the 12 months that ended in October 2019, according to Cirium data.
Qatar Airways has investments in several airlines: Virgin Australia, Latam, JSX, South Africa's Airlink and International Airlines Group (parent of British Airways, Iberia, Vueling, Level and Aer Lingus).
Qatar CEO Badr Mohammed Al Meer said the timing is right to sell the Cathay shares.
"Following a period of record profitability and strong performance, this decision is part of a proactive strategy to optimize our investments and position the group for long-term growth," he said.
Cathay Pacific and Qatar Airways will continue to cooperate as partners in the Oneworld alliance.