SANDUSKY, Ohio & ARLINGTON, Texas (CelebrityAccess) — Theme park operator Six Flags announced plans to merge with rival operator Cedar Fair, combining the two companies total of 42 theme parks and 9 resort properties across North America.
Under the terms of the merger agreement, which have already been unanimously approved by the Boards of Directors of both companies, the companies will combine into one entity under the Six Flags name worth approximately $8 billion based on both companies’ debt and equity values as of October 31st.
The new venture will be led by current Cedar Fair President and CEO Richard Zimmerman, who will hold the same role at the combined company. Selim Bassoul, President and Chief Executive Officer of Six Flags, will serve as Executive Chairman of the combined company’s Board of Directors. Brian Witherow, Chief Financial Officer of Cedar Fair, will serve as Chief Financial Officer of the combined company and Gary Mick, CFO of Six Flags, will serve as Chief Integration Officer of the combined company.
The combined venture’s board of directors will be composed of six from Cedar Fair’s board and six from Six Flag’s current board. Following the merger, the company will be headquartered in Charlotte, North Carolina, but will continue to conduct some operations from Sandusky, Ohio.
“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,” said Richard Zimmerman, President and Chief Executive Officer of Cedar Fair. “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.”
“The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” added Selim Bassoul, President and Chief Executive Officer of Six Flags. “Six Flags and Cedar Fair share a strong cultural alignment, operating philosophy, and steadfast commitment to providing consumers with thrilling experiences. By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks. We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our combined platform for the benefit of our guests, shareholders, employees, and other stakeholders.”
Cedar Fair Entertainment currently operates 11 amusement parks, four separately gated outdoor water parks, and resort locations in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
Six Flags Entertainment, the largest regional theme park company in the world, operates 27 parks in the U.S., Canada, and Mexico, including locations in New Jersey, California, Massachusetts, Illinois, Maryland, Georgia, Arizona, New York, Missouri, and Texas, among others.
The merger is expected to close in the first half of 2024, following receipt of Six Flags shareholder approval, regulatory approvals, and satisfaction of customary closing conditions. Approval by Cedar Fair unitholders is not required.
