FILE – A rollercoaster at Six Flags Magic Mountain theme park in Valencia, California on Nov. 4, 2023. Photographer: Eric Thayer/Bloomberg via Getty Images
Charlotte, NC – Merger No Cedar fair And Six Flags completed this week, making one amusement park A powerhouse with operations spanning 17 US states and three countries.
Successful Completion of the Merger The announcement was made on Monday Through the joint company “Six Flags Entertainment Corporation”, which is now worth more than $3.5 billion.
It owns 27 amusement parks, 15 water parks and nine resort properties in the US, Canada and Mexico, and also has entertainment partnerships and a portfolio of intellectual property including Looney Tunes, DC Comics and Peanuts.
“We believe that by combining the best ideas and most successful entertainment practices of both Six Flags and Cedar Fair, the new Six Flags can deliver a higher level of fun and excitement that regional park guests have yet to experience,” said Selim Bassoul, Board of Six Flags Entertainment Corporation. Executive Chairman of Directors, said in a statement.
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Amusement parks have not bounced back from the pandemic as quickly as other entertainment industries, and a merger between the two giant players is expected to at least lower costs.
Six Flags and Cedar Fair, which have some geographic overlap, expect $120 million in cost savings in the two years after the deal closes.
Six Flags and Cider Fair have previously talked about potential deals, with Six Flags previously making an offer for Cider Fair in 2019, but it was turned down. SeaWorld approached Cedar Fair with a bid in 2022, but that proposal was also rejected.
under contract First announced in NovemberCedar Fair unitholders will receive one share of common stock in the combined company for each unit owned, while Six Flags shareholders will receive 0.5800 shares in the combined company for each share owned.
Cedar Fair unitholders will own approximately 51.2% of the combined company, while Six Flags shareholders will own approximately 48.8%.
The new company is headquartered in Charlotte, North Carolina and has significant financial and administrative operations in Sandusky, Ohio, where Cedar Fair is based.
“Each of the parks in the combined company’s portfolio will retain their legacy branding with no changes to park names currently planned or under consideration,” this week’s announcement noted.
This story was reported from Cincinnati. The Associated Press contributed.