Busch Gardens, Sea World sold for $2.7 billion

Discussion in 'Current Events' started by jaw04005, Oct 7, 2009.

  1. jaw04005 macrumors 601

    jaw04005

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    Anheuser-Busch InBev said Wednesday that it will sell its theme park business -- including the Sea World and Busch Gardens parks nationwide -- to buyout firm Blackstone Group for up to $2.7 billion.

    Blackstone will pay the world's largest brewer $2.3 billion in cash and up to $400 million on whatever return it makes on Busch Entertainment Corp. (BEC), the second-largest U.S. entertainment park operator.

    The widely anticipated deal is seen as a way for the Belgian brewer to pay down debt following its $52 billion takeover of Anheuser-Busch last year.

    "The sale of BEC represents another important milestone in our commitment to de-leverage the company and will also allow us to continue to focus on our core brewing business," Carlos Brito, chief executive of Anheuser-Busch InBev, said in a statement.

    BEC runs 10 amusement parks throughout the nation, including the SeaWorld parks in Orlando, Fla., San Antonio and San Diego, as well as the Busch Gardens parks in Tampa, Fla., and Williamsburg, Va. The parks receive 25 million visitors every year and employs 25,000 workers, according to the company.

    Brito called the parks a "high performing asset," but said BEC is "not a core business for Anheuser-Busch InBev."

    The deal expands Blackstone's portfolio of amusement parks. The New York-based firm has stakes in Universal Orlando and Madame Tussauds wax museum.

    "Blackstone sees tremendous opportunity for investing in leading businesses within the media and entertainment industries, where we have significant expertise," said Michael Chae, Blackstone's senior managing director, in a statement.

    Shares of Anheuser-Busch InBev (BUD), which brews Budweiser, were up 19 cents to $46.85 on the New York Stock Exchange. Blackstone's (BX) stock rose 1 cent to $14.54

    http://money.cnn.com/2009/10/07/new..._busch_inbev/index.htm?postversion=2009100714

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    Busch Gardens Williamsburg is one of the best theme parks parks I've been to (it ranks with and probably even beats out some of the individual Disney parks). I hope it survives under their new ownership, and doesn't become another Six Flags.
     
  2. eawmp1 macrumors 601

    eawmp1

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    If only they would bring back the free beer at Sea World (even though the beer was from Anheuser-Busch the ethanol made those family park days easier). :(
     
  3. jaw04005 thread starter macrumors 601

    jaw04005

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