The Birmingham NEC, which is home the Moda Lingerie and Swimwear trade show, has been sold.
LDC – the equity arm of Lloyds Banking Group – was selected as a buyer after an extensive sale process dating back to March 2014.
The firm paid Birmingham City Council £307m for the NEC Group, one of the world’s top venue management companies, operating the NEC site, the International Convention Centre and the Barclaycard Arena.
The transaction protects the existing uses of all venues, the council said.
Sir Albert Bore, leader of Birmingham City Council, said: “We are very pleased to have attracted a Birmingham-based buyer in LDC that understands the local importance of the NEC and shares our vision for the future.
“This will ensure that the business goes from strength to strength, and that the NEC continues to play a leading role in the wider economic development of the region whilst securing Birmingham and the wider West Midlands’ position as the home for outstanding live events. We are looking forward to working alongside LDC to achieve this goal.”