Earlier this week, the Doha-based airline said it would be taking a shareholding of up to 10% in South American carrier Latam Airlines. Qatar Airways already owns around 15% of British Airways’ parent firm IAG.

Meridiana is the second largest carrier in Italy after Alitalia, which is partly owned by Abu Dhabi’s Etihad Airways.

The deal, which is expected to close by early October, allows Qatar Airways to buy 49% of Meridiana depending on the “fulfilment of certain conditions”.

Qatar Airways’ chief executive Akbar Al Baker said: “This agreement sets the path to progress our work towards a strong resolution that benefits both the staff and passengers who travel with Meridiana fly.

“Qatar Airways continues to expand its business opportunities around the world, increasing travel options for our passengers while also enhancing our investment portfolio.”