Korean Air (KE, Seoul Incheon) signed a provisional deal with Boeing (BOE, Washington National) to buy five B747-8s and six B777-300ER during the recent 2013 Paris Air Show held at Paris Le Bourget. The deal is valued at approximately USD3.6billion using list prices. Once the terms of the agreement are finalized, Korean Air will hold orders for 10 of the jets with delivery expected to begin from 2016 onwards. According to Bloomberg, the airline plans to retire all sixteen of its passenger B747-400s by 2017 as part of its fleet renewal programme.