Tui Group has struck a finance deal for five new aircraft that will see it lease rather than pay the full purchase price upfront.
Tui Airlines will receive five new Boeing 737 Max-8 aircraft from early next year.
Under the deal, Tui will sell the aircraft to BOC aviation for $226 million and lease them back. Tui said this was “in line with our asset-light strategy”.
Tui added: “We expect the lease agreement with BOC Aviation Ltd, on standard commercial terms, to create a total lifetime lease obligation of around €223m to commence by the end of full year 2021.”
Tui said it expected to use the sale and leaseback finance tactic “on our future deliveries beyond FY21, in line with our newly agreed deferred re-fleeting programme with Boeing”.
Tui has placed its faith in the 737 Max, despite it having been grounded since March 2019 following two fatal crashes. The aircraft is not expected to fly again commercially until next year.