Busch Gardens being sold to Blackstone Group

Busch Gardens being sold to Blackstone Group.

Anheuser-Busch InBev says it will sell theme parks including Busch Gardens in Tampa Bay to Blackstone Group for $2.7 billion, the companies announced this morning in a joint statement. Blackstone owns half of Universal Orlando, which could have an impact on the long-term business model for the 10 Busch Entertainment Corp. theme parks. However, because of Blackstone's business experience in the entertainment industry, analysts expect that operations at the Busch theme parks are likely to proceed with little change noticeable to guests. The long-anticipated sale by the Belgian brewer In-Bev is in line with its efforts to to reduce debt burden after InBev last year took over Anheuser-Busch for $52 billion. Blackstone will pay $2.3 billion in cash and give AB InBev the right to participate in Blackstone's return on its initial investment, an amount that is capped at $400 million. Blackstone said it had "long admired" the theme parks and planned to invest in and grow the company. "We are delighted to be investing in a company with such iconic brands, irreplaceable assets and strong growth prospects," senior managing director Michael Chae said in a statement. Carlos Brito, Chief Executive Officer of Anheuser-Busch InBev said in a statement, "We are pleased to have reached an agreement with a buyer who understands the industry and has a strategic vision for the business."