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The company which runs Aberdeen, Glasgow and Southampton airports is being sold in a deal valued at over £1.5bn.

Spanish construction giant Ferrovial and Australian finance company Macquarie - which both own a 50% stake in AGS Airports - agreed to sell the operator to AviAlliance for £900m.

AviAlliance will also take on £653m in debts.

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

Each year, more than 10.8 million passengers pass through the three airports, which provide connecting services to across Scotland and to south east England.

AviAlliance - wholly owned by Canadian pension investor the Public Sector Pension (PSP) Investment Board - will add AGS Airports to its existing portfolio of four airports in Athens, Greece, Dusseldorf and Hamburg in Germany and San Juan in Puerto Rico.

PSP Investments is already a long-standing investor in UK infrastructure projects, including a majority stake in Forth Ports, one of the largest port operators in Scotland and England, as well as rolling-stock giant Angel Trains.

Gerhard Schroeder, managing director of AviAlliance, said: "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."

Ferrovial and Macquarie teamed up to buy Aberdeen, Glasgow and Southampton airports from Heathrow Airport group in 2014 in a deal worth £1.05bn, including debts.

They then set up AGS Airports as a 50/50 joint venture following the takeover.

The companies say they have invested £250m across the three airports during their ownership, including £20m to boost Aberdeen International Airport's terminal space by 50%, as well as a £17m runway extension at Southampton Airport.

They had said earlier this year they were evaluating a sale.

Martin Bradley, regional head of infrastructure for Macquarie Asset Management, said: "Following this decade of investment, we are pleased to be passing the baton to AviAlliance to unlock the next phase of growth."

Ferrovial said it estimated it would make a capital gain of 290 million euros (£241.3m) for its 50% share of AGS.