The takeover of Luton airport has been completed by European investment company Ardian and Spanish airports operator AENA Group.
The acquisition for an undisclosed sum from infrastructure group Abertis has been flagged since the summer.
The new owners were attracted by the strong growth in passenger numbers, up from 3.4 million in 1998 to 10 million this year, the airport said.
Plans have also been submitted to Luton Borough Council to make the airport “better and bigger”.
“Ardian and AENA share our commitment to developing an airport that the local area can be proud of,” a spokesman said.
Airport managing director Glyn Jones said: “Our new owners arrive at an exciting period of change that will see the airport transformed.
“They come with a detailed knowledge of investment in transport services and infrastructure plus an impressive track record in airport operations.
“Their support is greatly welcomed as we work to ensure that Luton airport improves and expands the services we provide, for the benefit of our customers, communities and the economy.”
AENA operates 46 airports in Spain, including Madrid and Barcelona, and participates directly or indirectly in the management of another 15 airports worldwide.