Investing.com -- Lufthansa Group placed an order for 20 new long-haul aircraft with a combined list price of $7.7 billion, the company announced Monday.

The order includes ten Airbus A350-900s and ten Boeing 787-9s, with deliveries scheduled between 2032 and 2034. The Supervisory Board of Deutsche Lufthansa AG approved the purchase at its meeting on Monday, following an earlier Executive Board decision.

The new aircraft will replace older models starting in 2032. Lufthansa has not yet determined which airline within the group or which hub will receive the ordered planes.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, said the purchase represents an investment in fleet modernization and aims to reduce CO2 emissions. He noted that the A350 and 787 models consume less fuel and produce lower emissions than the aircraft they will replace.

The fleet standardization is expected to reduce operational complexity and lower maintenance costs. The company said the move will create operational efficiencies in areas including crew licensing and spare parts management.

With this order, Lufthansa Group's total aircraft order book stands at 232 planes, including 107 next-generation long-haul jets.