After a thorough selection process, International Airline Group ( IAG ), and British Airways have signed a Memorandum of Understanding (MoU) to buy 18 Airbus A350 -1000 aircraft plus 18 options, as part of the airline's on-going long-haul aircraft fleet renewal and modernisation strategy. IAG, owner of both British Airways and Iberia, has also secured commercial terms and delivery slots that could lead to firm orders for Iberia. Firm orders will only be made when Iberia is in a position to grow profitably, having restructured and reduced its cost base. The choice of the A350 -1000 follows British Airways' decision in 2007 to buy 12 Airbus A380s, the first of which will be delivered this summer.