LDC, the private equity arm of Lloyds Banking Group, has completed its acquisition of The National Exhibition Centre Group from Birmingham City Council. The parties entered into binding agreements in mid-January 2015.

The transaction, which includes the exhibition halls, the International Convention Centre (ICC), the Barclaycard Arena, the Genting Arena, and The Ticket Factory agency, values the business at around £307million.

LDC plans to work alongside the NEC’s management team to deliver further strategic, organic and acquisition-led initiatives across all business channels, both in the UK and overseas.

Martin Draper, LDC’s Chief Executive Officer commented: “The NEC Group is an outstanding business with excellent growth prospects. We are looking forward to supporting the management team in its next phase of development and unlocking further opportunities across the business.”

Paul Thandi, chief executive, NEC Group, added: "We are at the start of a dynamic and different period for the NEC Group, with our management and staff motivated to realise our ambitions and accelerate our growth strategy under new ownership alongside LDC.

"Being part of the private sector now enables us to capitalise on our market-leading positions in venue management, ticketing and catering with a greater emphasis on speed and capital investment where required or prompted by acquisition.

"These opportunities can enhance the future of the business, ensuring the Group remains a cornerstone of the region’s economic prospects."

SNEAKERS