LATAM Airlines Group shareholders have voted in favour of a USD613.16 million share capital increase thereby paving the way for Qatar Airways (QR, Doha Hamad Int'l) to acquire a 10% stake in the Latin American aviation consortium.

According to a statement, the vote was unanimous and will result in the issuance of 61,316,424 new ordinary shares before September 2. In order to facilitate the transaction the Cueto, Amaro, Eblen, and Bethia Groups, which collectively own 49.72% of LATAM Airlines Group stock, ceded their preferential subscription rights to Qatar Airways at face value.

As such, once all government approvals have been secured, the capital infusion should occur sometime during the fourth quarter of the year.

The investment was first announced during the 2016 Farnborough International Airshow.