Luton airport will be the sixth largest airport in Aena's network, behind Grand Canaria but ahead of Alicante.
Aena’s interest in London Luton has been linked to flights between the gateway and airports run by the operating group in Spain.
The takeover is part of a strategy to take controlling stakes in major foreign gateways while pulling out from minority holdings, said Aena.
London Luton will now pass from the TBI group – owned 90% by Abertis and 10% by Aena – to a consortium in which Aena holds 51% and AXA Private Equity 49%.
Luton handles 9.6m passengers a year, making it the UK’s fifth largest airport. Abertis gave the enterprise value of the transaction at £433m (€502m).
Abertis has held Luton since 2005, when the company and Aena Internacional purchased the British operator TBI.
With the sale – subject to authorisation by competition authorities, Luton Borough Council and the Spanish Board of Ministers – Abertis' airport business will be limited to a stake in Grupo Aeroportuario del Pacífico (GAP) in Mexico and the concession for Montego Bay airport in Jamaica.
Both assets are for sale.
Last week, Abertis agreed to offload Belfast International and Stockholm Skavsta airport to ADC & HAS Airports Worldwide.
In March, the group sold Cardiff airport to the Government of Wales.