Boeing and Avolon, the international aircraft leasing company, have announced the signing of a memorandum of understanding for 75 737 MAX 8s at the 2017 Paris Air Show.

The commitment, valued at $8.4 billion at list prices, will bolster Avolon’s single-aisle portfolio to meet growing customer demand in that market segment.

The deal also includes purchase rights for an additional 50 737 MAX 8s and will be reflected on the Boeing orders and deliveries website once finalised.

“This order represents the single largest order that Avolon has placed with Boeing to date and underlines the scale of our ambition and the strength of our business,” said Avolon chief executive, Dómhnal Slattery.

“Our strategy is to maintain an industry leading portfolio of young, modern and fuel efficient aircraft.

“We were pleased to deliver the world’s first ever 737 MAX 8 this year and the addition of a further 75 Boeing 737 MAX aircraft reflects our commitment to our customers to have a product offering built around the most technically advanced and efficient aircraft available in the market.”

Based in Dublin, Ireland, Avolon is one of the leading aircraft leasing firms in the world. With an aircraft portfolio that number more than 850 airplanes in service and on order, Avolon manages one of the largest, as well as the youngest fleets in the world.

The 737 MAX family has been designed to offer customers exceptional performance, flexibility and efficiency, with lower per-seat costs and an extended range that will open up new destinations in the single-aisle market.

The 737 MAX is the fastest-selling airplane in Boeing history.