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Report: Blackstone nears £800M-plus deal to acquire NEC Group

Private equity giant Blackstone Group LP is nearing a deal to acquire U.K. live events and exhibitions operator the NEC Group for more than £800 million, Sky News reported, citing unnamed sources.

A deal with Blackstone could be reached as early as Oct. 12 and could be announced before the weekend, the news outlet noted.

Blackstone reportedly beat rival bidders such as Centerbridge, Onex and TDR Capital in the auction for NEC. The deal would follow the £1.46 billion planned acquisition by Blackstone Property Partners and Telereal Trillium Ltd. of Network Rail's commercial estate portfolio.

The auction is being conducted by Bank of America Merrill Lynch.

NEC, which hosts the Crufts pedigree dog show, is scheduled to stage parts of the 2022 Commonwealth Games. It is majority-owned by London-based private equity and venture capital firm LDC.

Blackstone did not comment on the matter, while LDC could not be reached for a comment, the report added.