777 Partners has ordered 24 Boeing 737 MAX 8s, with purchase rights for an additional 60 airplanes. The firm will lease the 737-8s to their affiliated ultra-low-cost carriers.
On Friday (March 12, 2021), Boeing announced that investment firm 777 Partners has ordered 24 Boeing 737 MAX 8s, with purchase rights for 60 additional aircraft. The Miami-based company will lease the aircraft to their affiliated ultra-low-cost carriers. In addition to aircraft leasing, 777 Partners invests in a range of aviation businesses including operating carriers and technology-driven solutions. The company’s sector strategy focuses on innovative solutions for interlining, passenger connectivity, and creating new commerce channels for the industry.
In Friday’s announcement, 777 Partners’ Founder and Managing Partner, Joshua Wander, said,
“We could not be more excited to partner with Boeing on this transformative order for our growing aviation business. 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. The retrenchment of traditional carriers globally has created an unprecedented market opportunity for more agile and cost-efficient operators. These aircraft will enable our operators to accelerate the recovery in the destinations they serve. We are humbled to call one of America’s greatest manufacturers our partner in this endeavor.”
Also commenting on today’s order, Boeing’s Senior Vice President of Commercial Sales and Marketing, Ihssane Mounir, added,
“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.”
The Boeing 737-8 has a range of 3,550 nautical miles, which is about 600 miles more than its predecessor, allowing airlines to operate new direct routes. The aircraft delivers a fuel and CO2 emissions reduction of 16 percent compared to previous generation airplanes and features the new Boeing Sky Interior. Some of the benefits of the new cabin interior design include modern sculpted sidewalls and window reveals, LED lighting that enhances the sense of spaciousness and larger pivoting overhead bins.
Founded in 2015, Miami-based 777 Partners is a private alternative investment firm that invests across a range of attractive verticals. The company currently invests across six industries including insurance, consumer and commercial finance, litigation finance, direct lending, media and entertainment, and aviation.
Boeing (NYSE:BA) is the world’s largest aerospace company and leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 160,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and will continue investing in their people for future growth.
Source: Boeing