A consortium led by Malaysia’s sovereign wealth fund Khazanah Nasional and pension fund provider Employees Provident Fund (EPF) announced a conditional offer on Wednesday to acquire all remaining shares in Malaysia Airports Holdings Berhad (MAHB) that it did not already own.

The consortium’s shareholders also comprise a subsidiary of the Abu Dhabi Investment Authority and funds managed by Global Infrastructure Partners, it said in a joint statement.

The acquisition would have an offer price of 11 ringgit per share, implying an equity value of 18.4 billion ringgit ($3.91 billion), and representing a 15.2% premium to the prevailing three-month volume weighted average price of 9.55 ringgit per share, the companies said.

The consortium said it planned to position MAHB for long-term sustainable growth, focusing on the maintenance and upgrade of airport infrastructure, enhancing passenger service levels and improving airline connectivity.

“The Consortium believes that these objectives will be best achieved by MAHB as a private entity, taking a long-term approach to decision-making and capital investment and benefiting from international technical expertise,” it said.

Incorporated in 1992, MAHB manages 39 airports across Malaysia as well as one international airport in Turkey, according to its website.

Reuters