Calling today's announcement "historic", Council leader Sir Albert Bore said the sale was necessary for the venue and events company to grow.
"The NEC Group has reached a point in its evolution where it needs to be able to adopt the financial disciplines of a private, rather than council-owned company," he said.
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Designers from around the world will gather in Birmingham today for the second and final day of Birmingham International Fashion Week.
It will be a mild weekend with sunny spells.
The rain will clear leaving it a brighter and largely dry Saturday.