Sydney Airport announced on Monday that it has agreed to accept a A$23.6 billion ($17.5 billion) takeover bid from an infrastructure investor group in one of Australia's biggest buyouts.

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

IFM Investors owns large stakes in airports in other Australian state capitals, including Brisbane and Melbourne.

However, the process for the takeover could still take months to complete.

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

The announcement of the deal for Australia's biggest airport operator came shortly after the country reopened its borders to international travel.

The agreement still needs to clear more hurdles until it can be completed, including an independent report on the takeover.

It also requires approval from three quarters of the airport's shareholders, as well as the greenlight from Australian regulators.

Sydney Airport's board said that it plans to hold meetings about the deal in the first quarter of 2022.