The airline had announced orders for 288 planes as of the end of October.
The umbrella deal is created to supply aircaft to four airlines in which Franke's Indigo Partners investment company has stakes: US -based Frontier Airlines, Mexico's Volaris, Chilean carrier JetSmart and Hungary's Wizz.
Based on the list price of the A320neo, Airbus's best-selling single-aisle jet, the purchase would be worth at least $46.6 billion before customary discounts if Indigo exercises all of its rights to the aircraft. Shares in rival Boeing, who was also reported to be doing good business at the air show, closed 2.36% higher at $261.03, in the US. Indigo has stakes in all four airlines.
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The Airbus, Indigo Partners deal isn't just good news for the airplane manufacturer, it will also double the stock of planes across the Indigo Partners low-priced carrier group.
While deliveries will start in 2022, the bulk of the aircraft will be delivered in 2025 and 2026, following on from the delivery of the 110 Airbus A321neo aircraft ordered by Wizz Air in 2015.
Veteran airline investor Bill Franke of Indigo Partners signed the preliminary order on Wednesday morning to buy 430 planes, comprising of 273 A320neos and 157 A321neos.