Two Spanish firms, operating as a consortium known as Airport Concessions and Development (ACDL), are to jointly acquire UK airports operator TBI after reaching agreement on a takeover bid for the company. Transport infrastructure management company Abertis, based in Barcelona, is a 90% shareholder in ACDL while the remaining 10% is held by Aena Desarrollo Internacional, a division of Spain's main airport operator. ACDL and TBI have reached agreement on the terms of a recommended cash offer to be made by banking group HSBC on behalf of ACDL. The offer covers the entire share capital of TBI and values the UK company at over £551 million ($1.03 billion). TBI operates London Luton airport, its flagship business, as well as UK airports at Cardiff and Belfast. It also operates Stockholm Skavsta and the USA's Orlando Sanford airport.