Swedish aerospace firm Saab has finalized a $5.4 billion order to sell 36 fighter jets to Brazil, one of the most valuable defense contracts up for grabs in an emerging market.

Shares in Saab, which in December leapt by a third after it won the bidding, were up 4.5 percent on Monday to 190 crowns at 0845 GMT.

Saab said in a statement the total order value for the NG Gripen jets, to be delivered between 2019 and 2024, was around 39.3 billion Swedish crowns ($5.4 billion).

The company in December 2013 won a long bidding war for the delivery of new fighter jets for the Brazilian air force against France's Dassault Aviation SA and Chicago-based Boeing Co.

"Since then all parties have negotiated to finalize a contract. Today's announcement marks the successful conclusion of that process," Saab said.

Saab said the deal was still pending export control-related authorisations and other conditions that it expected to be fulfilled in the first half of 2015.

(1 US dollar = 7.2466 Swedish crown)