Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal that could shake up Australia's Qantas-dominated market.
The airlines, along with Virgin owner Bain Capital, announced details of the long-rumored agreement before markets opened in Sydney.
Under the plan, Qatar would take a minority stake in Virgin for an undisclosed sum.
The firms said it would spell more direct flights from Brisbane, Melbourne, Perth, and Sydney to Doha, which would better link Australia with Europe and elsewhere.
That could significantly rebalance Australia's air travel market, which is currently dominated by Qantas, a pseudo-flag carrier beset by allegations of price gouging and deliberate overbooking.
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