The Welsh government has reached an agreement to buy Cardiff airport from its current owner.
First minister of Wales Carwyn Jones announced the deal with the airport’s owner TBI which is subject to the “satisfactory completion of financial, legal and value for money considerations”.
"Over the past 12 months, I have repeatedly emphasised the importance to Wales of a dynamic international gateway airport in Cardiff,” said Jones.
"During the course of the year we have developed a very constructive and positive relationship with TBI. Together we have been discussing how best to develop the airport to position it for the challenges ahead.
"The Welsh government has agreed with TBI to progress towards the purchase of Cardiff airport. Such an arrangement would enable us to develop a more coherent approach to our national infrastructure planning, and integrate the airport into our wider economic development strategy."
Jones did not reveal how much the Welsh government would be paying for the airport.
TBI purchased Cardiff airport in 1995 and it currently serves around 1.6 million passengers a year. TBI also runs Luton and Belfast International airports, as well as airports in Bolivia, Sweden and Orlando in the US.
The airport said in a statement: "Over the last few months, Cardiff airport has engaged in positive and constructive discussions with the Welsh government on how best to position airport for challenges ahead.
"In the course of those discussions it emerged that a sale of the airport was one possible option.
"To explore that option further, a process has been put in place which will allow the Welsh government to undertake comprehensive due diligence.
"Depending upon the outcome of that due diligence and other related activities it is our understanding that the Welsh government may decide to proceed towards a purchase."
tbicardiffairport.com