MEA Buys 10 Airbus Planes in A320neo Family

European aircraft maker Airbus said Wednesday that Lebanese flag carrier Middle East Airlines had finalized its order of 10 passenger planes in its A320neo family that carry a list price of $1 billion.

In a statement, Airbus said the deal involved five A320neo and five A321neo planes, with options on eight additional planes.

The deal had initially been announced at the Farnborough airshow in July.

Airbus' new A320neo series, due to begin flying in 2015 and offer considerable fuel efficiency, is competing for buyers with U.S. rival Boeing's upcoming 737 MAX planes in the battle for short-haul aircraft orders.