The board of Auckland International Airport has backed a NZ$2.6bn (£1bn:$2.1bn) offer from state-backed Dubai Aerospace Enterprise (DAE).
The airport's board said that while they were backing the offer, it would not stop them considering other offers.
There has been takeover speculation about the company since May, when Macquarie Airports was reported to be trying to increase its stake.
The airport handles about 70% of New Zealand's international flights.
Under the terms of the deal, a new company would be created of which DAE would own between 51% and 60%.
Auckland International Airport said last month that it was in talks with investors who wanted to buy stakes in the company, after several of its shareholders rejected an approach from the Canada Pension Plan Investment Board.
Spain's Ferrovial, which owns the UK airports business BAA, is also rumoured to be interested in Auckland International.
DAE was set up last year by the government of Dubai and other investors to spend about £7.5bn on airports, and aeroplane leasing and servicing.
In April it said it would buy the US aeroplane servicing firms Standard Aero Holdings and Piedmont/Hawthorne Holdings for $1.8bn (£875m).
DAE also has ties with Emirates Airlines and analysts have suggested that Auckland International could be made the hub for the airline's operations in the region.
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