FILE – Rollercoasters at Six Flags Magic Mountain theme park in Valencia, California, on Nov. 4, 2023. Photographer: Eric Thayer/Bloomberg through Getty Pictures
CHARLOTTE, N.C. – The merger of Cedar Fair and Six Flags was accomplished this week, creating an Leisure“>amusement park powerhouse with operations unfold throughout 17 U.S. states and three nations.
The profitable completion of the merger Launch-details/2024/Cedar-Honest-and-Six-Flags-Merger-of-Equals-Efficiently-Accomplished-Creating-a-Main-Amusement-Park-Operator–2024-Gg6DYOdKRH/default.aspx”>was introduced on Monday by the mixed firm “Six Flags Leisure Company,” now price greater than $3.5 billion.
It boasts 27 amusement parks, 15 water parks and 9 resort properties within the U.S., Canada, and Mexico, and in addition has leisure partnerships and a portfolio of mental property together with Looney Tunes, DC Comics and Peanuts.
“We consider that by combining one of the best concepts and most profitable leisure practices of each Six Flags and Cedar Honest, the brand new Six Flags can ship a superior degree of pleasure and pleasure that has but to be skilled by regional park company,” Selim Bassoul, government chairman of the board of administrators of Six Flags Leisure Company, mentioned in a press release.
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Amusement parks haven’t bounced again from the pandemic as shortly as different leisure industries and a tie-up between two big gamers is predicted to at the very least decrease prices.
Six Flags and Cedar Honest, which have little geographical overlap, anticipate $120 million in value financial savings inside two years of closing the deal.
Six Flags and Cedar Honest have talked about potential offers earlier than, with Six Flags beforehand making a proposal for Cedar Honest in 2019, however it was turned down. SeaWorld approached Cedar Honest with a bid in 2022, however that proposal was additionally rejected.
Underneath the settlement first announced in November, Cedar Honest unitholders will obtain one share of widespread inventory within the mixed firm for every unit owned, whereas Six Flags shareholders will obtain 0.5800 shares within the mixed firm for every share owned.
Cedar Honest unitholders will personal roughly 51.2% of the mixed firm, whereas Six Flags shareholders will personal about 48.8%.
The brand new firm is headquartered in Charlotte, North Carolina, and is preserving important finance and administrative operations in Sandusky, Ohio, the place Cedar Honest is predicated.
“Every park within the mixed firm’s portfolio will retain their legacy branding with no adjustments to park names at the moment being deliberate or contemplated,” this week’s announcement famous.
This story was reported from Cincinnati. The Related Press contributed.
