Lloyds Banking Group completes acquisition of NEC

LDC, the private equity arm of Lloyds Banking Group, has completed the acquisition of Birmingham's NEC Group from Birmingham City Council.

LDC completes acquisition of NEC Group
LDC completes acquisition of NEC Group

The company first entered into an agreement for the purchase of the NEC Group in January, which also includes Birmingham City Council’s interest in the £200m Genting Resorts World, a leisure and entertainment complex with a four and five star hotel and spa and large casino that is set to open later this year.

The transaction between the two companies values the business at approximately £307m.

LDC chief executive officer Martin Draper said: "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."

The acquisition will see LDC take control of the entirety of the NEC Group portfolio, which includes the exhibition halls; the International Convention Centre (ICC); the Barclaycard Arena-formerly known as the National Indoor Arena; the Genting Arena-formerly known as the LG Arena; and The Ticket Factory agency.

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