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European airport retailer Dufry AG Group will acquire the remaining shares it doesn’t yet own of Hudson Group, an East Rutherford airport retailer with more than 1,000 stores, for $311 million.

Dufry is currently Hudson‘s controlling shareholder with 57.4 percent ownership of the company. The definitive agreement was announced between the retailers Wednesday.

Dufry will delist Hudson from the New York Stock Exchange.

The terms of the transaction were negotiated, unanimously recommended, and approved by independent directors of Hudson who formed a special committee to negotiate with Dufry.

The boards of directors of Hudson and Dufry approved the transaction.

“While our ownership structure will change as a result of the proposed transaction, the re-integration of Hudson into Dufry will further facilitate the execution of our business strategy. Hudson successfully implemented its business and growth plans as a wholly owned Dufry subsidiary for nearly nine years prior to our initial public offering in 2018,” said Hudson Chief Executive Officer Roger Fordyce in a prepared statement. “Our strategy remains unchanged to serve as the all-encompassing travel partner and we will continue to focus on our four key pillars: travel convenience, specialty retail, duty free, and food and beverage.”

In connection with this transaction, Hudson shareholders will receive $7.70 per Hudson Class A share in cash.

The transaction is expected to close in the fourth quarter.