Anheuser-Busch InBev reached an agreement Wednesday to sell its theme park empire, including SeaWorld in San Diego, to Blackstone Group for as much as $2.7 billion.
Under the deal, Blackstone will buy Busch Entertainment Corp., the nation's second-largest entertainment park operator, for $2.3 billion in cash and the right to collect on Blackstone's return, which is capped at $400 million.
Busch Entertainment of Orlando, Fla., operates 10 theme parks across the U.S., including SeaWorld parks in San Diego, Orlando and San Antonio, and Busch Gardens parks in Tampa, Fla., and Williamsburg, Va. The parks draw about 25 million visitors each year.
The agreement was not a surprise considering that when Belgian beer giant InBev acquired Anheuser-Busch Cos. of St. Louis last year in a $52-billion deal, InBev officials said they planned to sell non-core assets to help pay for it.
