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Six Flags and Cedar Fair Merge, DOJ Greenlights Deal

By  |  June 26, 2024

The Department of Justice (DOJ) has granted Arlington-based Six Flags the green light to finalize its merger with Cedar Fair, the owner of Schlitterbahn Waterpark and Resort. This marks the removal of the last significant hurdle for the two amusement park giants, setting them on track to meet their target date of July 1. The new entity will start trading on the New York Stock Exchange under Cedar Fair’s ticker, FUN, on July 2.

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    The merger will bring about several significant changes for both companies. Six Flags will relocate its corporate headquarters from Arlington to Charlotte, North Carolina, and the new company will be primarily managed by Cedar Fair executives. Four out of the five members on the Board of Directors will be from Cedar Fair, with the exception of Gary Mick, Six Flags’ CFO and Executive Vice President. Selim Bassoul, President and CEO of Six Flags, will assume the role of Executive Chairman of the new company’s Board of Directors.

    “As our collective team pauses to recognize this important milestone, together we are eager to embark on the next chapter of our journey to offer millions of guests across North America unparalleled, family-focused entertainment full of fun, thrills, and lifetime memories,” Bassoul stated in a press release.

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    Read more: Six Flags and Cedar Fair to Finalize $8 Billion Merger

    Cedar Fair declined to comment further when contacted by The Dallas Morning News.

    The combined entity will face stiff competition from industry heavyweights like Walt Disney World and Universal Studios. Notably, Universal Studios is set to open a $150 million children’s themed resort in San Francisco by 2026.

    However, the merger of Six Flags and Cedar Fair, combining their 42 parks and nine resorts across 17 states, positions the new company to expand its customer base significantly. Richard Zimmerman, currently the President and CEO of Cedar Fair and set to lead the new company in the same capacity, expressed optimism about the future.

    “With an anticipated pro-forma enterprise value of approximately $8 billion, the combined company is well-positioned to drive future growth,” Zimmerman said. “Our enhanced financial flexibility will enable us to invest in new rides, attractions, food and beverage options, and state-of-the-art consumer technologies, ensuring continuous improvement and innovation, and that each park visit is more exciting and memorable than the last.”

    Source: Dallas News