Ferrovial has signed a deal to purchase a stake in New Terminal One (NTO), a consortium tasked with designing, building and operating the new $9.5bn Terminal One at JFK International Airport in New York, US.

As agreed, Ferrovial’s Airports division will acquire 96% of The Carlyle Global Infrastructure Fund’s 51% stake in NTO for $1.14bn.

The move comes several months after Ferrovial Airports entered an exclusivity agreement with Carlyle Group to negotiate the deal.

The completion of the deal is subject to certain closing conditions, including approval from the Port Authority Board.

The new Terminal One will replace Terminals 1 and 2 as well as the former Terminal 3 at the airport. The new 2.5 million square feet structure will be located at the site of the three terminals.

The project includes demolishing the old terminals and modernising the infrastructure.

Once complete, Terminal One will be the largest terminal at JFK International Airport.

Construction works will be conducted in multiple phases, with the first phase slated to be completed in 2026.

Headquartered in Spain, Ferrovial is a global infrastructure operator associated with the aviation industry since 1998.

Currently, it owns stakes in four airports in the UK, namely Heathrow, Glasgow, Aberdeen and Southampton.

Earlier in the year, Ferrovial Airports signed a $159m (€140m) deal to buy a 60% stake in YDA Group as part of its plans to diversify its airport portfolio. YDA Group manages Turkey’s Dalaman International Airport (DLM).

The deal is expected to close before the second half of the year.