Airport owner TBI has agreed to a �550m takeover by a Spanish company. The Welsh company which owns eight airports, including Cardiff, Belfast and Luton was approached by travel and construction firm Abertis.
Almost a fifth of TBI is owned by the family of founder Stan Thomas, who built a business empire selling meat pies, and they will gain �100m.
Mr Thomas, 62, said the deal offered 92.5p a share, and the board has recommended that it is accepted.
Mr Thomas said there would be no impact on jobs.
He said he believed Abertis had the financial muscle to expand the company.
He said: "Their intention is be become global airport owners. We think at this moment in time that it's a fair offer."
TBI has been the subject of bids before.
 In the UK, TBI owns Luton, Cardiff and Belfast airports |
The French construction firm Vinci dropped a bid for the firm after the terrorism attacks of 11 September 2001.
But last week TBI's share price soared to a three year high- after it confirmed it was in the early stage of takeover talks.
In January, German construction group Hochtief said it was no longer considering a bid for TBI.
TBI has said it was benefiting from expansion by low cost airlines carriers Easyjet and Ryanair.
Earlier this week it said pre-tax profits for the six months to the end of September had risen 167% to �19.2m ($35.6m), compared with the same period in 2003.
As well as Cardiff, Luton and Belfast, TBI also owns Stockholm Skavsta and Orlando Sanford airports.
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