Blackstone Group LP, through its managed funds, purchased National Exhibition Centre Group from LDC, the private equity arm of Lloyds Banking Group PLC, for an undisclosed sum.
The transaction came just days after the private equity giant was reportedly closing in on a deal to take over the U.K.-based live events venue operator.
The NEC Group, which hosts the Crufts dog show and the Grand Designs Live exhibition, is scheduled to hold nine sports events for the 2022 Commonwealth Games. It also partnered with Merlin Entertainments PLC to launch the first Bear Grylls Adventure visitor attraction and a Legoland Discovery Centre on the company's sites.
Blackstone was advised by Moelis, while LDC was advised by Bank of America Merrill Lynch.