Cedar Fair L.P. FUN, +5.66% and Six Flags Entertainment Corp. SIX, +5.53% said Thursday they have agreed to a merger of equals valued at about $8 billion including debt. Under the terms of the deal, Cedar Fair unitholders will receive on share of common stock in the new combined company for each unit owned, while Six Flags shareholder will get 0.5800 shares of common stock in the new entity for each share owned. Once the deal closes, Cedar Fair unitholders will own about 51.
“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,” said Cedar Fair CEO Richard Zimmerman in a joint statement issued by the companies. The new entity will have a portfolio of 27 amusement parks, 15 water parks and 9 resort properties across 17 states in the U.S., Canada and Mexico.
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