Six Flags and Cedar Fair merger, DOJ Greenlights deal

The Department of Justice (DOJ) has given Arlington-based Six Flags the green light to complete its merger with Cedar Fair, owner of the Schlitterbahn water park and resort, removing the last major hurdle for the two amusement park giants and putting them on track to meet their July 1 target date. The new entity will begin trading on the New York Stock Exchange under the ticker FUN Cedar Fair on July 2.

The merger brings several significant changes for both companies. Six Flags will move its headquarters from Arlington to Charlotte, North Carolina, and the new company will be run primarily by Cedar Fair executives. Four of the five board members will be from Cedar Fair, with the exception of Gary Mick, chief financial officer and executive vice president of Six Flags. Selim Bassoul, president and CEO of Six Flags, will serve as executive chairman of the board of the new company.

“As our collective team pauses to celebrate this important milestone, together we look forward to embarking on the next chapter of our journey to offer millions of guests across North America unrivaled family entertainment filled with fun, excitement and memories that will last a lifetime.” Bassoul stated in a press release.

Read more: Six Flags and Cedar Fair to complete $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 theme park in San Francisco by 2026.

But the merger of Six Flags and Cedar Fair, which includes their 42 parks and nine resorts in 17 states, allows the new company to significantly expand its customer base. Richard Zimmerman, currently chairman and CEO of Cedar Fair and who will lead the new company in the same role, expressed optimism about the future.

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

Source: Dallas News