Adding common code between multiple modules.

So I have two modules right now, and both of them require a set of common classes. I searched up the internet and found that I need to have module dependencies. So what I have to do is create another module, and move the common code there and then add module-dependency for both the existing modules over the common-code module? Will the files be automatically 'inherited' from the common-code module into the scope of the other two modules?