Southampton Airport will have a new owner after being sold as part of a £1.5 billion deal.

Spanish construction giant Ferrovial and joint venture partner Macquarie agreed to sell AGS Airports to AviAlliance for £900 million, while the buyer will also take on £653 million in debts.

The deal is expected to complete in the first quarter of next year.

AviAlliance is wholly-owned by one of Canada's largest pension investors.

Also sold are Glasgow and Aberdeen airports.

Between them, the three airports serve more than 10.8 million passengers each year.

Martin Bradley, head of infrastructure for Macquarie, said: “Since 2014, we have worked in partnership with Ferrovial to support around £250m of investment by AGS Airports aimed at delivering a better experience for passengers travelling via Aberdeen, Glasgow and Southampton airports.

“Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth.”

Andy Cliffe, chief executive officer of AGS Airports, added: "Over the past 10 years, Macquarie and Ferrovial have played a central role in unlocking our full potential.

“Their close partnership with the teams across our three airports ensured we had the support to invest in our passenger offering while improving our operations.

“We are grateful for their close stewardship and look forward to continuing to develop our services and beneficial impact on passengers and communities across the regions of Aberdeen, Glasgow and Southampton.”

AGS Airports invested £17m for the controversial runway extension at Southampton Airport, which opened in 2024, allowing for the airport to be able to operate larger aircraft.

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The transaction is expected to reach financial close by the first quarter of 2025, following the satisfaction of customary closing conditions and regulatory approvals.

AviAlliance, which was founded in 1997 before being acquired by Canada's Public Sector Pension Investment Board in 2013.

It describes itself as having a long track record of traffic growth, operational excellence and superior passenger experience as well as investment in its airports.

PSP Investments also owns Forth Ports, one of the largest port operators in Scotland and England, and Angel Trains, the largest rolling stock company in the UK.

Gerhard Schroeder, managing director of AviAlliance said: “Aberdeen, Glasgow and Southampton airports provide vital connectivity for communities in Scotland and the South East of England.

“As a seasoned airport investor and manager with in-depth industry expertise, AviAlliance will enable each airport to realize their full potential.

“We are committed to supporting the airports over the long term to expand their route networks, further improve the passenger experience and implement the airports’ sustainability strategy.”