Theme park operators Six Flags, Cedar Fair conform to merge: Travel Weekly
Cedar Fair and Six Flags Entertainment Corp. have agreed to hitch forces as a mixed firm valued at round $8 billion.
The corporations on Thursday introduced that they had agreed to a merger of equals. Both boards unanimously accepted the merger.
The mixed firm will function underneath the Six Flags identify, buying and selling underneath the NYSE ticker image FUN. Its headquarters can be in Charlotte, with finance and administrative operations in Sandusky, Ohio.
Pending regulatory approvals, the merger is anticipated to shut within the first half of 2024.
The mixed firm will function 27 amusement parks, 15 waterparks and 9 resorts within the U.S., Canada and Mexico. In the previous 12 months, Six Flags and Cedar Fair welcomed 48 million visitors.
The new firm’s portfolio of mental property will embody Looney Tunes, DC Comics and Peanuts.
The corporations stated their market overlap is presently “minimal” and that the merger will give it a extra balanced footprint in year-round working climates.
After the merger, the corporate will use one working platform, which is anticipated to create efficiencies.
“By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks,” Six Flags CEO Selim Bassoul stated in a launch.
Synergies are anticipated to save lots of round $200 million yearly post-merger, because of administrative and operational financial savings and technology of further income.
An anticipated rise in money move will give the corporate flexibility to put money into new points of interest and different choices.
“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,” Cedar Fair CEO Richard Zimmerman stated in a launch. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests.”
Zimmerman can be CEO of the mixed firm, whereas Bassoul will function government chairman of its board of administrators. Cedar Fair CFO Brian Witherow can be CFO of the mixed firm, whereas Six Flags CFO Gary Mick can be chief integration officer. Its 12-seat board can be populated equally by Six Flags and Cedar Fair board members.
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