Eversheds has advised LDC, the private equity arm of Lloyds Banking Group, on the purchase of NEC Group from Birmingham City Council in a transaction that values the business at around £307 million.

The NEC Group comprises the UK’s leading live Exhibition, Arena and Conference venues; the National Exhibition Centre itself, the Genting Arena, the Barclaycard Arena (formerly the National Indoor Arena) and the International Convention Centre, as well as the NEC’s other commercial activities including The Ticket Factory, specialist catering business, Amadeus and the NEC’s third party venue management operations.

The NEC will operate the Vox Conference and Banqueting facility at Genting Resorts World, to complement and enhance its wider Exhibition, Conference, Live Events and Arena Shows offering at the NEC site.

As part of the transaction, LDC will also acquire Birmingham City Council’s interest in Genting Resorts World at the NEC site; a new £200million integrated leisure and entertainment complex, comprising four and five star hotel and spa, destination retail offering, a range of internationally-themed restaurants and bars, 11-screen cinema with state-of-the-art digital technology, and one of only three ‘Large-Casinos’ in the UK offering a contemporary and exciting gaming experience.

The Eversheds team was led by partner Sue Lewis with partner Patrick Davis and principal associates Louise Finnie and Ian Owen.

Sue Lewis commented:

“NEC is one of the UK’s most prestigious and largest exhibition spaces. It is a pleasure to have advised LDC on this significant deal which is key for both Birmingham and the UK, we wish them every success.”

LDC chief executive Martin Draper commented:

“The NEC Group is one of the UK’s best-known iconic businesses, particularly in the Midlands, where it is at the heart of the region’s commercial and leisure activities.”