UPDATED: The long-expected merger of theme park operators Cedar Fair and Six Flags has lastly closed, creating what Six Flags known as in the present day “the biggest and most various amusement park operator in North America.” The newly mixed behemoth will function underneath the Six Flags identify and, appropriately, commerce underneath the ticker image FUN.
The brand new Six Flags boasts a powerful portfolio of 42 parks stretching acrossthe United States, Canada and Mexico.
Because of the deal combining two firms that function in numerous components of North America, $120 million in price financial savings is predicted inside two years of the closing of the all-stock deal.
Per Six Flags announcement, “Our enhanced monetary flexibility will allow us to spend money on new rides, points of interest, meals and beverage choices, and state-of-the-art shopper applied sciences. These investments are designed to develop attendance, improve per capita spending and improve profitability, guaranteeing that every go to to our parks is extra thrilling and memorable than the final.”
Richard Zimmerman, former president and CEO of Cedar Truthful, will function president and CEO of the mixed firm, whereas Selim Bassoul, former president and CEO of Six Flags, might be government chairman of the Board of Administrators.
PREVIOUSLY on November 2: In what’s described as a “merger of equals,” theme park operators Cedar Truthful and Six Flags, are becoming a member of forces in an $8 billion deal, the businesses introduced Thursday.
The mixed firm, which might be operated underneath the Six Flags identify, might be headquartered in North Carolina and can characteristic a mixed 27 amusement parks, 15 water parks and 9 resorts throughout 17 states, Canada and Mexico.
“Our merger with Six Flags will carry collectively two of North America’s iconic amusement park firms to determine a extremely diversified footprint and a extra strong working mannequin to reinforce park choices and efficiency,” mentioned Richard Zimmerman, President and Chief Govt Officer of Cedar Truthful. “Collectively, we can have an expanded and complementary portfolio of enticing property and mental property to ship partaking leisure experiences for friends. The mix additionally creates an enhanced monetary profile with sturdy money movement technology to speed up investments in our parks to please our friends, driving elevated ranges of demand and in-park worth and spending. I’ve nice respect for the Six Flags workforce and look ahead to becoming a member of forces as we embark on this subsequent chapter collectively.”
“The mix of Six Flags and Cedar Truthful will redefine our friends’ amusement park expertise as we mix one of the best of each firms,” added Selim Bassoul, President and Chief Govt Officer of Six Flags. “Six Flags and Cedar Justifiable share a robust cultural alignment, working philosophy, and steadfast dedication to offering customers with thrilling experiences. By combining our operational fashions and expertise platforms, we anticipate to speed up our transformation actions and unlock new potential for our parks. We’re excited to unite the Cedar Truthful and Six Flags groups to capitalize on the super progress alternatives and operational efficiencies of our mixed platform for the advantage of our friends, shareholders, staff, and different stakeholders.”
Zimmerman might be president and CEO of the mixed firm. Selim Bassoul, president and CEO of Six Flags, will develop into government chairman.
Six Flags and Cedar Truthful, which function in numerous components of North America, anticipate $120 million in price financial savings inside two years of closing the all-stock deal.
Below the settlement, Cedar Truthful 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 of inventory within the mixed firm for every share owned.
Cedar Truthful unitholders will personal roughly 51.2% of the mixed firm, whereas Six Flags shareholders will personal about 48.8%.
The merger is predicted to shut within the first half of 2024.
