Iran to buy 118 Airbus aircraft worth $25 billion

French president Francois Hollande, right, speaks with Iranian President Hassan Rowhani during a meeting at the Elysee Palace, in Paris, Thursday, Jan. 28, 2016. (AP)

Iran agreed Wednesday to buy 118 Airbus aircraft worth about $25 billion, according to a memorandum of understanding signed during a visit to France by Iranian President Hassan Rowhani.

The deal to purchase the medium- and long-haul planes, to be finalized once international sanctions against Iran are fully lifted, was announced at a ceremony attended by Rowhani and French President Francois Hollande.

Last Update: 17:02 KSA 20:02 - GMT 17:02