The decision comes as a result of a strategic review, where the council has concluded that bringing the NEC Group under private ownership will enable the business to take full advantage of its growth opportunities and reach the next stage of its development.
Birmingham City Council is inviting potentially interested buyers to participate in a pre-qualification process while sales preparations are finalised.
In structuring a transaction, the council said it intends to ensure the existing uses of the NEC, ICC and the two arenas are preserved. This will secure the profile of Birmingham and the broader West Midlands as a world-class home of a broad array of live events.
In addition to its four venues, the NEC Group has successfully established a number of related businesses. These include a national ticketing agency, The Ticket Factory, catering business Amadeus and NEC Group International, which is taking its venue management expertise into the operation of third party-owned venues.
Martin Angle, chairman of the NEC Group, said: "We look forward to working with Birmingham City Council in preparing the NEC Group for this major step forward and believe that its iconic status and portfolio of venues and businesses is likely to attract strong interest from potential buyers, from both the UK and overseas."
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