Qatar Airways has purchased a 10 percent share of Santiago, Chile-based Latam Airlines Group, the carriers announced on December 29. Through its subsidiary, Qatar Airways Investments, the Persian Gulf carrier acquired 60.8 million shares in a transaction valued at $608 million.

Latam was formed by the 2012 merger of Chile’s LAN Airlines and Brazil’s TAM; it reports a combined fleet of 335 aircraft. Latam and Qatar Airways are members of the oneworld airline alliance.

“The entrance of Qatar Airways as shareholder of Latam represents a unique opportunity to develop a long-term relationship and explore new opportunities for connectivity with Asia and the Middle East,” the airlines said.