SANDUSKY, OH & ARLINGTON, TX (CRAWFORD COUNT NOW)—Cedar Fair and Six Flags Entertainment Corporation have formally announced a definitive merger agreement, bringing together two amusement park giants in a merger of equals transaction. The combination is set to create a dominant player in the highly competitive leisure industry, boasting an extended and diversified footprint, a robust operational model, and a strong revenue and cash flow generation profile.
Richard Zimmerman, President and Chief Executive Officer of Cedar Fair, shared his excitement about the merger, stating, “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.” Zimmerman continued, “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.”
Selim Bassoul, President and Chief Executive Officer of Six Flags, emphasized the potential for redefining the amusement park experience. “The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” Bassoul stated. “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.”
The newly combined company will operate a total of 27 amusement parks, 15 water parks, and 9 resort properties across 17 states in the U.S., Canada, and Mexico. The expanded portfolio will encompass some of North America’s most iconic parks and beloved intellectual properties, such as Looney Tunes, DC Comics, and PEANUTS, enhancing the guest experience with new and engaging attractions.
Cedar Fair and Six Flags have minimal market overlap, resulting in a complementary geographic footprint that is expected to reduce earnings volatility and provide diversified experiences for guests. The merger aims to create a more engaging and immersive guest experience, expand park access to season pass holders, and introduce an enhanced loyalty program with added benefits.
The senior leadership teams of both companies bring their unique skills and decades of park operating experience to the new combined company.
The merger is scheduled to close in the first half of 2024, subject to Six Flags shareholder approval, regulatory approvals, and customary closing conditions. Cedar Fair unitholder approval is not required, and the transaction is not expected to trigger any change of control provisions in the companies’ respective outstanding Notes. The combined company will operate under the name Six Flags, trade under the ticker symbol FUN on the NYSE, and be headquartered in Charlotte, North Carolina, with significant finance and administrative operations retained in Sandusky, Ohio.