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Blackstone Sinks $2.7B Into Theme Parks

NEW YORK CITY-The private equity giant's largest deal so far this year, the acquisition of Busch Entertainment gives Blackstone ownership of SeaWorld and Busch Gardens.

By Paul Bubny | Updated on October 07, 2009

NEW YORK CITY-The Blackstone Group’s first sizable acquisition in many a month is partly a real estate play. The private-equity giant, led by Stephen Schwarzman, will pay up to $2.7 billion for AB InBev’s US theme parks in a deal announced Wednesday.

Comprised of a $2.3-billion cash payment and up to $400 million in payments from Blackstone’s return on its initial investment, the deal for AB InBev’s Busch Entertainment Corp. deepens Blackstone’s holdings in the amusement-park sector. With General Electric, it co-owns Universal Orlando–in the same city where Busch Entertainment operates one of three SeaWorld parks across the US–and controls Merlin Entertainments Group Ltd., which operates Madame Tussauds.

In a statement, Blackstone senior managing director Joseph Baratta cites his company’s “deep sector experience,” adding, “we look forward to working with the excellent BEC management team to continue to invest in and grow the company.” A spokeswoman for Blackstone did not respond by deadline to GlobeSt.com inquiries for further details.

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