Vinci Airports SAS agreed to acquire a 50.01% stake in Gatwick Airport Ltd. for approximately £2.9 billion, subject to closing adjustments.

The transaction is expected to close in the first half of 2019. Private equity firm Global Infrastructure Partners will manage the remaining 49.99% stake in Gatwick Airport.

Vinci Airports said the deal expands its network to 46 airports in 12 countries. Gatwick Airport, which reported total revenue of £764.2 million in the year ended March 31, is the second-largest airport in the U.K. and the eighth busiest in Europe, with total traffic of 45.7 million passengers in the said fiscal year.

Vinci Airports is a subsidiary of Vinci Concessions SA, which in turn is a unit of France-based Vinci SA.