Pilots for Southwest Airlines have reached a tentative agreement on a new contract after three years of negotiations.
Southwest Airlines Pilots Association leadership on Tuesday confirmed the pending deal, which will go to the union’s 25-member board for review before pilots vote.
Initial reports suggest the deal could be worth as much as $12 billion.
“Our pilots and Southwest Airlines customers deserve security and confidence in our future, and we believe that this contract achieves that,” union President Casey Murray said in a statement.
If the pact is verified, Southwest would be the latest major airline to reach a contract with its unionized pilots, joining Delta, American and United Airlines this year.
The deal comes as Christmas travel kicks into high gear. The company hopes to improve on last year’s holiday season, when it canceled nearly half its flights due to organizational mismanagement. The Transportation Department recently slapped Southwest with a $140 million civil penalty for the cancellations.