SANDUSKY, Ohio — Cedar Fair, the parent company of Cedar Point in Sandusky, is expected to close its merger deal with Six Flags on July 1, after announcing an update Wednesday morning that states “the regulatory conditions for their previously announced merger of equals have been satisfied.
“We are pleased to have successfully concluded a very fair and constructive review process with the Department of Justice and excited to make our merger official on Monday,” said Six Flags President and CEO Selim Bassoul in a new press release. “As our collective team pauses to recognize this important milestone, together we are eager to embark on the next chapter of our journey to offer millions of guests across North America unparalleled, family focused entertainment full of fun, thrills and lifetime memories.”
Bassoul will serve as executive chairman of the combined company’s Board of Directors.
Immediately following the closing, the combined company will be renamed Six Flags Entertainment Corporation with trading on the New York Stock Exchange expected to begin July 2 with the ticker symbol FUN.
Cedar Fair President and CEO Richard Zimmerman will serve in the same role for the newly combined company, which will be headquartered in Charlotte, North Carolina.
“With an anticipated pro-forma enterprise value of approximately $8 billion, the combined company is well positioned to drive future growth,” Zimmerman said in the press release. “Our enhanced financial flexibility will enable us to invest in new rides, attractions, food and beverage options, and state-of-the-art consumer technologies, ensuring continuous improvement and innovation, and that each park visit is more exciting and memorable than the last.”
WHAT ZIMMERMAN SAID ABOUT THE MERGER LAST YEAR
“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 previously said when the merger news first surfaced last November. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.”
LEADERSHIP TEAM
In addition to the roles filled by Zimmerman and Bassoul, Cedar Fair and Six Flags provided details earlier this month regarding the senior management team who will lead the combined company following completion of the merger.
After completion of the merge, the following leaders will report to Zimmerman in the combined company:
- Tim Fisher, Chief Operating Officer (currently in same position at Cedar Fair)
- Brian Witherow, Chief Financial Officer (currently in same position at Cedar Fair)
- Brian Nurse, Chief Legal & Compliance Officer, and Corporate Secretary (currently in same position at Cedar Fair)
- Christian Dieckmann, Chief Strategy Officer (currently in same position at Cedar Fair)
- Gary Mick, Chief Integration Officer (currently Executive Vice President and Chief Financial Officer at Six Flags)
“We are fortunate to have a proven team of leaders who bring decades of park operating experience and significant expertise in integrating businesses and achieving synergy targets for the combined company,” Zimmerman said in a previous press release. “Their insights and complementary skill sets will be instrumental as we combine two of North America’s iconic amusement park companies and forge a new future together.”
CEDAR FAIR / SIX FLAGS PARKS
Cedar Fair and Six Flags operate multiple parks across the country, which you can see in the two company maps below...
CEDAR FAIR
SIX FLAGS
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