Sydney Airport Holdings said that it has agreed to accept US $17.5 billion takeover bid from a group of investors.

If the deal is accepted, it would be one of Australia’s biggest buyouts in history.

The company said in a statement that it unanimously recommended the buyout offer from Sydney Aviation Alliance (SAA), comprised of Australian investors IFM Investors, QSuper, AustralianSuper and U.S.-based Global Infrastructure Partners.

“The Sydney Airport Boards believe the outcome reflects appropriate long-term value for the airport, and unanimously recommend the proposal to security holders, subject to customary conditions such as independent expert approval and no superior proposal,” Sydney Airport’s chairman David Gonski said in a statement.

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The deal to buy Australia’s largest and only listed airport operator comes as the country this month eased its international border restrictions for the first since the beginning of the COVID-19 pandemic.

A scheme implementation deed had been made on Monday and a scheme meeting would take place in January, the company said.

The deal is contingent upon an independent expert’s report, approval from 75% of the airport operator’s shareholders and a green light from competition regulators and the Foreign Investment Review Board, a process that could take months, according to the news agency Reuters.

“We look forward to security holders voting on the proposed deal,” IFM Investors Chief Executive David Neal said in a statement on behalf of the consortium.

“Our alliance represents many millions of Australians … and we intend to work hard to bring more flights and passengers back to the airport as the aviation industry emerges from COVID-19.”

(With inputs from agencies)