The deal is to buy 10 737 MAX 8 jets and one 787-9 Dreamliner, including an option for a second 787-9.
David Burling, member of the executive board and responsible for Tui Group airlines, said: "We are committed to investing in our aircraft fleet in order to keep improving our customers' experience and to grow ahead of the market.
"This includes the expansion of our long-haul holiday programme and providing more choice of flight times and durations to new destinations."
Read more: Series of aircraft deals announced today
The new 737 Max aircraft, according to Boeing, will use 20 per cent less fuel than some 737s. Tui has said it is ambitious to operate more carbon efficient planes.
"With the 737 MAX, we will be able carry our short-haul customers further, in greater comfort, more efficiently and with an even lower environmental impact," Burling added.
"The 737 MAX will contribute significantly towards fulfilling our commitment to further reducing the carbon intensity of our operations."
Meanwhile, WOW air, based in Iceland, signed an order for four Airbus A321s. WOW air is an all Airbus operator with 11 aircraft in its fleet to date and will grow to 12 by the end of 2016.
“We are thrilled to be adding these brand new A321 aircraft to our fast growing fleet. WOW air is becoming one of the leading low-cost long-haul airline in the World and we look forward to expanding even further through our successful partnership with Airbus,” said Skúli Mogensen, founder and chief executive of WOW air.