The National Gallery, London (NGL) and the National Galleries of Scotland (NGS) have announced that they have successfully acquired Titian's Diana and Actaeon from the Duke of Sutherland.

A campaign was launched in August last year when NGL and NGS joined forces in a bid to raise the £50m necessary to secure the painting, which forms part of the Bridgewater Collection, one of the most important collections in the world.

Funding has been provided through a mixture of private and public donations, with the National Heritage Memorial Fund contributing £10m in November, £2m coming from The Monument Trust and £1m from The Art Fund. The Scottish Government also helped fund the campaign, providing £12.5m through a special purchase grant, while £7.4m came from donations and pledges from individual trusts and the general public.

NGL and NGS, which both contributed towards the funding with a combined £17.1m, have also been offered the opportunity to buy a second Titian painting - Diana and Callisto - for a similar amount by 2012. Meanwhile, NGS has been assured that it will retain the rest of the Bridgewater Collection on loan for the next 21 years.

John Leighton, director-general of NGS said: "We are absolutely thrilled that one of the most important paintings in the world will be added to the national collections for the enjoyment and inspiration of the public and we are delighted that the world-famous Bridgewater Collection will continue to be available on long loan to Scotland, including works by Rembrandt, Titian, Raphael and Poussin.

"We are hugely grateful to all the individuals and all the funding bodies who responded so warmly and wholeheartedly to this campaign over the past four months."

Nicholas Penny, director of NGL, added: "The response to our appeal to buy this great painting has been astonishing. The notes pressed into collecting boxes and the cheques sent to us by the general public, the generosity of individual friends of the gallery and the support given by the trustees of charitable bodies combine to make this a great success story.

"It testifies to the power of Titian's painting and the conviction that public access to the greatest works of art is of the utmost importance."