Belgian brewer Anheuser-Busch InBev (ABI.BT) Wednesday said it will sell its theme parks business to private-equity firm Blackstone Group for up to $2.7 billion.

The deal will help AB InBev pay down the $45 billion in debt it took on to buy Anheuser Busch last year. It has been long rumored that AB InBev wanted to sell the theme parts, which were owned by Anheuser, but had held off because the collapse of credit markets made private equity buyers such as Blackstone and even corporate buyers unable to raise financing for deals.

AB InBev will receive $2.3 billion in cash and the right to participate in the first $400 million of Blackstone's return on investment. The subsidiary, Busch Entertainment Corporation, operates 10 entertainment parks in the U.S., including three SeaWorld parks.

AB InBev executives have planned to sell at least $7 billion in assets following the Anheuser deal. The theme parks business is a logical candidate because the company wants to focus on selling beer.

"Busch Entertainment Corporation is a high performing asset with a world-class management team, but not a core business for Anheuser-Busch InBev," said AB InBev chief executive Carlos Brito in a statment.

J.P. Morgan (JPM) and Lazard Ltd. (LAZ) advised AB InBev on the deal.

Company Web site: www.ab-inbev.com/

-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487; matthew.dalton@dowjones.com