Airbus announced on Tuesday that it has agreed to settle with US, French and British authorities for 3.6 billion euros ($3.97 billion) after a lengthy probe into charges of corruption and bribery.

The Toulouse, France-headquartered aircraft manufacturer disclosed the deal was subject to the judges' approval in the three countries. The allegations have stemmed on the use of middlemen in aircraft profits.

The settlement, based on a Bloomberg report, could cost Airbus somewhere around $3 billion pounds, citing an unnamed source with knowledge of the matter. But market experts suggested that Airbus, which refused to comment on the above figures, could be paying more.

The court proceedings in the US, France and Britain could begin as early as January 31.

The airliner has confirmed that it has reached a deal, in principle, with France's Parquet National Financier, Europe's Serious Fraud Office and US authorities.

The UK's SFO, and its French counterpart, launched a series of investigations into Airbus after the plane maker reported itself in 2016. The US launched its own investigation in 2017.

Airbus was said to have failed to inform authorities regarding the use of the consultants in aircraft transactions it was asking the European regulators to cover with financing guarantees.

Because a significant volume of Airbus parts are made or assembled in Europe and Germany, Airbus has access to a broad array of financial support from the three countries.

The company has over 130,000 workers globally, including around 10,000 in Europe. Airbus requested the regulator to check its documentation with regards the use of overseas agents.

British, German and French authorities canceled Airbus' export credit applications in the run up to the SFO inquiry, but reversed the decision in 2018.

Export credits are used by governments around the globe to aid exporters, usually by supporting bank loans offered to international clients of UK products.

The penalties in Europe are likely to be bigger compared to the record 497 million pound fines settled by Rolls-Royce Holdings after a years-long investigation into claims the jet-engine manufacturer gave bribes to secure export contracts.

In recent years, Airbus has implemented measures to clean up its senior executive ranks. Although the company officials were not linked in the scandal, the company hoped that a corporate facelift would give it a better chance of getting contracts with authorities in connection with the investigations.

Meanwhile, the settlements will cost Airbus the proverbial arm and leg, but even so, there is likely to be a great amount of relief in the conference room in Toulouse.