Boeing and Monarch Airlines today announced that the two companies are finalising terms and working towards a Purchase Agreement for 30 737 MAX 8s, marking the start of a fleet transition for Monarch to Boeing single-aisle airplanes.

The order, valued at $3.1 billion at current list prices, will be posted to the Boeing Orders & Deliveries website complete.

“Today’s announcement is an important milestone in an exhaustive three year evaluation process, and a key part of The Monarch Group’s transformation and renewal,” said Iain Rawlinson, executive chairman, Monarch Group.

“Boeing truly understood our business and put together a complete package that fits extremely well with our ambitions for the Group.

“With this announcement, we begin another chapter in our long and fruitful relationship with Boeing, something which now stretches over 40 years.”

The 737 MAX has surpassed 2,000 orders from 42 customers worldwide, the most successful launch in Boeing history.

The 737 MAX incorporates the latest-technology CFM International LEAP-1B engines to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market.

Headquartered at London Luton Airport, but also operating from five other UK bases, Monarch predominantly serves holiday destinations around the Mediterranean and the Canary Islands as well as European ski resorts.

Founded in 1968, the British carrier’s passenger numbers reached nearly seven million in 2013, a record for the airline, with a fleet made up of more than 40 airplanes.