At the rate CEO Carlos Brito is selling assets, you wonder if Anheuser-Busch InBev (NYSE: BUD) will use the money not only to pay down debt, but also to prepare for future deal-making.

Brito continued his divestiture parade on Thursday by agreeing to sell his Central European beer operations to CVC Capital Partners, a private equity firm based in Luxembourg, for as much as $3 billion.

The deal, which is expected to close in January, includes $1.62 billion in cash and an interest-bearing deferred payment of $448 million. Anheuser-Busch InBev could get another $800 million depending on CVC's return on its initial investment in a business, which it is calling StarBev, and which covers nine countries, including Hungary and the Czech Republic.

Peeling the non-core
When Belgium's InBev bought St. Louis' Anheuser-Busch in November 2008, Brito said he wanted to sell $7 billion in "non-core" assets to help retire the debt incurred to make the $52 billion takeover. The CVC deal means Brito will have exceeded his goal.

Analysts assumed that "non-core" primarily meant non-beer. Brito has sold part of the former Anheuser-Busch's packaging business to Ball (NYSE: BLL), and last week he agreed to sell the theme-parks divisionto Blackstone Group (NYSE: BX).

However, non-core clearly includes beer.In addition to Thursday's divestiture, Anheuser-Busch InBev has sold its stake in China's Tsingtao Brewery and has sold a South Korean brewer to an affiliate of Kohlberg Kravis Roberts.

Taking care of the debt business
When you examine all the divestitures, it appears Brito is single-handedly reviving the private equity business.Well, not exactly, although Anheuser-Busch InBev appears to have gotten good prices in a difficult climate.

Less debt allows Brito to better pursue his goals of making Budweiser an international brand and defending its American turf against the U.S. joint ventureof SABMiller (OTC: SBMRY), and Molson Coors (NYSE: TAP). Continued...