SWAC says Exeter is one of the UK's fastest growing airports

Devon County Council, which has a 75% stake in the airport, says the SWAC bid is "substantial and serious".

The news has been welcomed by two of the main users of the airport, travel agent Lets Go Travel and airline Flybe.

Financial advisors, KPMG, are now negotiating exclusively with SWAC to reach a final sale agreement.

Lets Go Travel has announced that as a direct result of the impending deal, it expects to feature more destinations in its Exeter Airport Direct brochure next year.

And Flybe, which works with both major shareholders at other UK airports such as Birmingham and Bristol, said the move would help continue the rapid development of what is now the UK's fastest growing airport.

Macquarie and Ferrovial already have shares in airports across the world and in the UK, including a substantial interest in Bristol International Airport.

Devon County Council decided last year to sell most of its shares in the airport because it cannot afford the investment needed to develop it.

The number of passengers using Exeter Airport in the past year has increased by more than 70%.

Macquarie Airports, which is the second largest private investor in airports in the world, said Exeter is one of the highest growth airports in the UK.