If firmed, this will make Indigo Partners one of the largest customers for the A320neo aircraft family, rivaling the 404-aircraft backlog of AirAsia and the 430-order total of Indian low-priced carrier IndiGo, which has no business relationship with the United States investment firm.
A spokesman for Airbus declined to comment, as did Indigo says Bloomberg.
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Worth almost $50 billion at list prices, the deal is a major rebound for Airbus, which has significantly lagged its USA arch rival Boeing in orders this year.
The deal includes aircraft for Wizz Air, Frontier Airlines, Jetsmart and Mexico's Volaris. The Dubai-based carrier wants a commitment from Airbus, which hasn't sold any A380s in over two years that ensures the viability of the double-decker for the coming decade and half.
The deal is expected to be officially announced later Wednesday at the Dubai Air Show, they added.
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The stunning magnitude of the deal - which Airbus called its "largest single commercial announcement ever" - caught many in the aviation industry by surprise.
Airbus said the deal would be finalised before the end of this year.
The deal was worth $49.5 billion at list prices. It will also be seen as a coup for outgoing sales head John Leahy, who is due to retire this year - especially as long-running talks with Emirates to sell more of its flagship A380 superjumbos have so far failed to produce a deal.
How Does Cisco Systems, Inc. (CSCO) Stack Up Right Now?
This number is based on a 1 to 5 scale where 1 indicates a Strong Buy recommendation while 5 represents a Strong Sell. Robecosam Ag holds 0.78% or 294,760 shares in its portfolio. ( NYSE:T ), 9 have Buy rating, 1 Sell and 18 Hold.