Boeing secures 24 737 MAX orders with 777 Partners

Boeing announced on Friday that the private investment firm 777 Partners agreed to buy 24 of its 737 MAX airplanes.

The agreement with the Miami-based firm also includes the possibility of purchasing a further 60.

Boeing’s shares rose about 1.6% in premarket trading on the news.

The investment firm plans to lease the planes to Canadian ultra-low-cost carrier Flair Airlines in which it already has a big stake.

The deal will provide much-needed support towards a financial recovery after a 20-month grounding of the jet model following two fatal crashes.

“The 737-8 aircraft are a fantastic addition to our aviation portfolio and will enable our partners to leverage the jets’ superior economic performance to deliver low fares for their passengers while reducing their carbon footprint,” said 777 Partners founder Joshua Wander.

“777 Partners has gained a reputation for investing in high-growth markets and we are delighted to welcome them to the Boeing 737 family. This is a significant order that speaks to 777 Partners’ belief in the 737-8 and the market recovery ahead. We look forward to delivering these jets and supporting a safe and successful entry into service with 777 Partners’ affiliates,” said Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing.