Chile's LAN said on Tuesday it has signed a contract with Boeing to buy three 767-316ER planes for USD$510 million as part of its long-term fleet strategy.
The Chilean carrier has said it plans to invest more than USD$4 billion to renew its fleet between 2011 and 2013, increasing it to 185 planes from 131.
The planes are scheduled for delivery in July, August and September of 2012, LAN said in a statement to the local bourse regulator.
LAN, which posted a 50 percent increase in profits in the fourth-quarter, aims to become one of the world's top carriers by purchasing Brazil's TAM.
Shares of LAN have risen sharply since it announced in August the merger plans, which is pending approval from authorities in both countries. A Chilean antitrust tribunal has opened a probe into the operation that could delay or even block the merger bid.
Industry analysts say LAN is effectively buying the Brazilian airline as the Cueto family, LAN's main shareholder, is set to emerge with the controlling stake in what would be one of the world's top carriers.
Source: Reuters
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