Lockheed Martin revised its proposal to the Peruvian Air Force to provide 24 F-16 Block 70 fighter jets. The updated deal carries a value of approximately $3.5 billion. The original proposal offered 12 jets. That initial bid was valued at $3.42 billion.
Lockheed Martin reduced the associated equipment and support packages to lower the per-unit cost. This strategy aims to align with Peru's budget and secure the contract over Saab’s Gripen.
According to La República, Peru expects to purchase 12 jets this year. The first phase of the acquisition costs $2.0 billion. Peru would acquire the remaining 12 aircraft in 2027. The final phase costs $1.5 billion. The Peruvian Ministry of Defence has not yet officially confirmed the F-16 selection.