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TUI: enters confidential deal with Boeing on 737 MAX

( - German travel company TUI said on Wednesday that it has entered a confidentiality deal with Boeing, agreeing on a package of measures to offset the consequences of the grounding of the 737 MAX.

While the financial details were not disclosed, the agreement provides compensation that covers a "significant" portion of the financial impact, as well as credits for future aircraft orders, TUI said in a statement.

In addition, both parties have agreed to a revised delivery schedule for the 61 737 MAX aircraft on order, meaning that TUI will get fewer 737 MAX deliveries from Boeing than previously planned over the next few years.

The new deliveries are to be postponed by an average of two years, TUI said.

The new schedule allows more flexible fleet planning in times of the pandemic, the group said.

The London-listed shares of TUI were up more than 7% after the deal was announced.

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