SANTIAGO, Dec 28 (Reuters) - Chile's LATAM Airlines LAN.SN , Latin America's largest, said on Wednesday that Qatar Airways has completed its acquisition of 10 percent of the company, in a transaction worth $608.4 million.

LATAM announced in mid-July an agreement in which Qatar would buy 10 percent of the company via the issuance of new shares, with a payment of $10 per share. urn:newsml:reuters.com:*:nL1N19Y0S4 In the final deal, Qatar purchased 60.8 million LATAM shares, the company said.

"The entrance of Qatar into the ownership (of LATAM) is an opportunity to develop a long-term relationship and explore new opportunities for connectivity with Asia and the Middle East," LATAM said in a statement.

The Qatar deal forced the Chilean Cueto family and the Brazilian Amaro family to modify the ownership structure of LATAM in September so as not to dilute their participation. urn:newsml:reuters.com:*:nL2N1BY0I6 urn:newsml:reuters.com:*:nL2N1BZ1VI

The company, founded in 2012 through a tie-up between Chile's LAN and Brazil's TAM, has reported significant losses in recent years amid a recession in Brazil. urn:newsml:reuters.com:*:nL1N1AS2PT That has caused a number of operational adjustments, including fleet reductions.

(Reporting by Gram Slattery; Editing by Meredith Mazzilli) ((gram.slattery@thomsonreuters.com)(;)(+562-2370-4229)(;))