Cedar Fair and Six Flags merge into one giant theme park

In a so-called “merger of equals,” amusement park operators Cedar Fair and Six Flags have joined forces in an $8 billion deal, the companies announced Thursday.

The combined company, which will operate under the Six Flags name, will be headquartered in North Carolina and include a total of 27 theme parks, 15 water parks and nine resorts in 17 states, Canada and Mexico.

“Our merger with Six Flags will bring together two of North America’s most recognized theme park companies to create a highly diversified footprint and a more robust business model to enhance park offerings and performance,” said Richard Zimmerman, president and chief executive officer of Cedar Fair said. . “Together, we will have an expanded and complementary portfolio of compelling assets and intellectual property to deliver compelling entertainment experiences to guests. The combination also creates an improved financial profile with strong cash flow generation to accelerate investment in our parks to delight our guests, drive demand and increase park value and spending. I have great respect for the Six Flags team and look forward to joining forces to begin this next chapter together.”

“The combination of Six Flags and Cedar Fair will redefine the theme park experience for our guests as we combine the best of both companies,” said Selim Bassoul, President and Chief Executive Officer of Six Flags. “Six Flags and Cedar Fair share a strong cultural focus, business philosophy and unwavering commitment to providing consumers with exciting experiences. By combining our operating models and technology platforms, we hope to accelerate our transformation activities and unlock new potential for our parks. We are pleased to unite the Cedar Fair and Six Flags teams to leverage the tremendous growth opportunities and operational efficiencies of our shared platform for the benefit of our guests, shareholders, employees and other stakeholders.”

Zimmerman will become president and CEO of the combined company. Selim Bassoul, president and CEO of Six Flags, will become executive chairman.

Six Flags and Cedar Fair, which operates in various parts of North America, expects to achieve cost savings of $120 million within two years of the closing of the all-stock transaction.

Under the agreement, Cedar Fair participants will receive one common share of the combined company for each unit they own, while Six Flags shareholders will receive 0.5800 shares of the combined company for each share they own.

Cedar Fair participants will own approximately 51.2% of the combined company, while Six Flags shareholders will own approximately 48.8%.

The merger is expected to be completed in the first half of 2024.