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Stephenson Harwood has advised Indonesia’s Lion Air on a record order from Airbus, comprising of 234 Airbus - A320 and A321 aircraft (including Airbus' new NEO aircraft), and valued at $24 billion.

With this order, Airbus has smashed rival Boeing's grip on one of the world's fastest-growing airlines, according to Reuters.

The Stephenson Harwood team was led by partner Paul Ng, assisted by David Hon and Ethan Tan out of the Singapore office. Airbus was represented by its in-house legal team.

“This transaction is a true testament of how far the aviation industry has 'taken off' in the past decade, especially in Southeast Asia, one of the fastest growing markets in the world," said Ng in a statement. “The complexity of this transaction was compounded by the sheer size and need to manage risks related to taking delivery of a brand new variant of an aircraft which is still in development stages. Delivery and performance risk related to the NEOs for an order of this size is significant, and needs to be managed from the carrier's viewpoint."

In a sign of the rising importance of Asian budget carriers for high-tech manufacturing jobs, the deal was announced Monday at a ceremony overseen by French president François Hollande.

The red carpet event mirrored a record 201-plane order for equivalent Boeing aircraft from Lion Air signed in front of visiting U.S. President Barack Obama in late 2011. Stephenson Harwood also advised Lion Air on that deal, which involved 230 Boeing 737 aircraft (including Boeing's new 737 MAX aircraft), valued at $21.7 billion, and purchase option rights for another 150 aircraft that would bring the total value of the order to $35 billion.

Southeast Asia has emerged as one of the most fertile markets for popular medium-haul jets built by Airbus and Boeing, as rising incomes and a growing middle class boost air traffic.

Indonesia's 17,000 islands and relatively robust economy, well insulated from Europe's financial crisis, have made the world's largest archipelago a magnet for aircraft sellers.

Its domestic aviation market, serving the world's fourth-largest population, is growing at 21 percent annually.

The Lion Air order marked at least the third attempt by Airbus to woo Lion Air, long seen as a fortress for Boeing.

It is likely to throw the spotlight on an intense battle for market share between the largest planemakers.

It is also likely to add zest to a regional battle for supremacy between Lion Air and AirAsia, the low-cost carrier founded by Malaysian entrepreneur Tony Fernandes.

Lion Air is about to start up a domestic Malaysian rival to AirAsia, which has long been exclusively an Airbus operator. Some industry watchers have warned of a potential price war.

The airlines are respectively among the top buyers of Boeing and Airbus jets. Airlines rarely switch suppliers because of retraining costs and the burden of keeping extra spares, but the practice of "flipping" has grown as market share battles raged.

Boeing outsold Airbus in 2012 for the first time in six years and remains ahead this year, according to monthly data.

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