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Canada’s Public Sector Pension Investment Board will, through subsidiary AviAlliance, acquire AGS Airports from Spanish transportation firm Ferrovial and Macquarie Asset Management, the Crown corporation announced Wednesday.

AGS operates three airports in the U.K.: Aberdeen International Airport, Glasgow Airport and Southampton Airport. AviAlliance will pay 1.53 billion pounds ($1.94 billion) for the airport operator.

AviAlliance, based in Germany but wholly owned by PSP Investments, holds stakes in airports in Athens, Greece; Düsseldorf, Germany; Hamburg, Germany; and San Juan, Puerto Rico.

AviAlliance served 7.6 million passengers in September and had served 61.2 million year-to-date through September, a 9.6% year-over-year increase. In 2023, AviAlliance served 73 million passengers across its portfolio. In 2023, AGS’s three airports had 10.4 million passengers, according to a report.

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“We are delighted to add AGS Airports to our infrastructure portfolio and look forward to working with our key stakeholders to improve services to the communities in which AGS Airports operate, recognizing the critical role that these airports play in supporting economic growth in Scotland and England,” said Sandiren Curthan, global head of infrastructure at PSP Investments, in the announcement.

The transaction is expected to be completed in the first quarter of 2025.

PSP Investments manages C$264.9 billion ($188.9 billion) in assets for nearly 1 million beneficiaries, who are members of and retirees from the Canadian Armed Forces, federal public service, Canada’s Reserve Force and the Royal Canadian Mounted Police.