Ryanair has ordered 150 new Boeing 737-MAX-10 aircraft with the option for 150 more.
In a May 9 announcement, the Dublin-headquartered airline valued the deal at over $40bn, based on current list prices.
Boeing said later the same day that the deal "includes 150 firm orders and 150 options" for the 737-10 model, "which offers Ryanair 228 seats and the best unit economics of any single-aisle airplane".
The purchases, when concluded, would be the biggest order ever placed for US goods by an Irish business, according to Ryanair.
“Ryanair is pleased to sign this record aircraft order for up to 300 MAX-10s with our aircraft partner Boeing. These new, fuel efficient, greener technology aircraft offer 21% more seats, burn 20% less fuel and are 50% quieter than our B737-NG", said chief executive Michael O'Leary.
“The Boeing-Ryanair partnership is one of the most productive in commercial aviation history, enabling both companies to succeed and expand affordable travel to hundreds of millions of people," said Boeing chief executive Dave Calhoun.
Citing the "strength" of its balance sheet, an "industry leading credit rating" and a two year gap between the last delivery of B-8200 aircraft in FY25, and the first MAX-10 delivery in FY27", the carrier said the purchases are to be "substantially funded from internal cashflows".
However, the airline added that it would "remain opportunistic in its fleet financing strategy", with deliveries of the aircraft scheduled for between 2023 and 2027.
Approval for the deal will be sought from Ryanair shareholders at the carrier's September 2023 annual general meeting.
The addition of the aircraft, if approved, will see Ryanair "create more than 10,000 new high-paid jobs for pilots, cabin crew and engineers" and could allow for a near-doubling of passenger traffic to 300 million by March 2034.
The deal would, the airline claimed, allow it "further widen" what it said is a "unit-cost advantage over all EU competitor airlines".
"The extra seats, lower fuel burn and more competitive aircraft pricing supported by our strong balance sheet, will widen the cost gap between Ryanair and competitor EU airlines for many years to come, making the Boeing MAX-10 the ideal growth aircraft order for Ryanair, our passengers, our people and our shareholders," said O'Leary.
"Nearly a quarter century after our companies signed our first direct airplane purchase, this landmark deal will further strengthen our partnership. We are committed to delivering for Ryanair and helping Europe’s largest airline group achieve its goals by offering its customers the lowest fares in Europe," Calhoun added.