SANDUSKY, Ohio (WDTN) — Cedar Fair, the owner and operator of several amusement parks including Kings Island, has announced a merger with Six Flags.
According to a release, Cedar Fair Entertainment Company and Six Flags Entertainment Corporation have entered into a “definitive merger agreement to combine in a merger of equals transaction.”
Cedar Fair said the merger was unanimously approved by the Boards of Directors for companies, with Cedar Fair shareholders owning approximately 51.2% of the new company.
Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance. Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.Richard Zimmerman, President and Chief Executive Officer of Cedar Fair
The combined company will operate 27 amusement parks, 15 water parks and nine resort properties across North America.
The merger is expected to close in the first half of 2024, following Six Flags “shareholder approval, regulatory approvals, and satisfaction of customary closing conditions”
The combined company will be operating under the name “Six Flags” and traded under the ticker symbol “FUN” on the New York Stock Exchange.
The company will be headquartered in Charlotte, North Carolina, but will reportedly “maintain significant finance and administrative operations in Sandusky, Ohio.”