LONDON—Anheuser-Busch InBev NV has offered to sell SABMiller PLC’s Central and Eastern European brands, including Pilsner Urquell, ahead of a decision by the European Commission on whether to approve its acquisition of the London-based brewer.

The assets could fetch around $5 billion, according to Exane BNP Paribas analysts, who estimate they made up about $2.3 billion in sales and $450 million in earnings before interest and taxes for SABMiller.

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