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.
More top news
Police investigating the murder of Akhtar Javeed have arrested a second man in Leicester on suspicion of murder.
Nottingham’s tram network is reminding customers of some temporary changes to services on the city centre section.
A major inquiry has been launched in to the suspected abduction of a woman who is thought to have been forced in to a car against her will.