Premier League side Burnley's owners Velocity Sport Limited (VSL) agreed a deal to acquire LaLiga team Espanyol on Monday.
"The Rastar Group, the majority shareholders of RCD Espanyol, have reached an agreement in the past few hours with Velocity Sport Limited, an English-based group which also has American shareholders," said Spanish club Espanyol in a statement.
"Rastar is not disassociating itself from RCD Espanyol, but rather its shares will become part of this new investment vehicle that will have stakes in both clubs."
Espanyol will become the second team under VSL control after English outfit Burnley, but the clubs "will remain independent", continued the statement.
"This business integration formula allows for the coexistence of two historic clubs that will operate independently, although they will be supported by the same financial group."
Chinese group Rastar and owner Chen Yansheng have grown unpopular with Espanyol fans since taking over in 2015, with the club twice relegated from the top flight.
Earlier in July Premier League side Crystal Palace were demoted from the Europa League to the Conference League because of a multi-club ownership issue also involving French side Lyon, who had qualified for the former.
American businessman John Textor is the majority shareholder in Lyon but also owns a stake in Palace, who are set to appeal against the ruling by European football governing body Uefa.