Qatar Airways is planning to buy a nearly 10 per cent stake in Hong Kong's Cathay Pacific for HK$5.16 billion ($661.3 million), a report said.

“Qatar Airways is very pleased to complete its financial investment in Cathay Pacific,” said a report in USA Today citing Qatar Airways CEO Akbar Al Baker. “Cathay Pacific is a fellow oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future.”

The transaction would see Qatar Airways purchase 378,188,000 shares of Cathay Pacific Airways, amounting to a stake of about 9.61%, according to the company.

The deal is expected to be finalized “later today (Monday) in Hong Kong", the report said.