Turkish Airlines to Buy as Many as 20 Boeing 777-300ER Aircraft

Turk Hava Yollari AO, the flag carrier known as Turkish Airlines, plans to buy as many as 20 777-300ER wide-body aircraft from Boeing Co. (BA) as part of an effort to expand its transfer traffic in Europe and Asia.

The Istanbul-based carrier will buy the aircraft between 2014 and 2017, including 5 optional purchases, it said today in a statement to the Istanbul Stock Exchange. The total list price is $4.7 billion, Boeing said in a separate statement. Customers typically buy aircraft at a discount.

Turkish Airlines is stocking up on wide-body jets as it seeks to lure transfer traffic between Europe and Asia away from Air France-KLM Group (AF), Deutsche Lufthansa AG and British Airways- parent International Consolidated Airlines Group SA. Airlines in the Middle East have benefited from a geographic setting that links North American and Asian traffic.

The carrier, which has 188 planes in its fleet now, said Oct. 8 that it will buy 15 A330-300 planes from Airbus SAS. Turkish Airlines (THYAO) has 12 Boeing 777-300ER and 10 A330-300s in its fleet, according to its website. The 777 model that Turkish plans to buy typically seats about 365 passengers in a three- class layout. It boasts the world’s largest jet engine.

Turkish Airlines rose 0.5 percent to 4.05 liras at 4:23 p.m. in Istanbul. The stock has surged 77 percent this year, valuing the company at 4.87 billion liras ($2.7 billion).

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editors responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.