The U.S. Department of Justice (DOJ) has approved the proposed merger of Cedar Fair and Six Flags, a new statement reveals.
Following the DOJ’s approval, the merger is expected to close on 1 July, as recently announced by Six Flags and Cedar Fair. A senior management team to lead the organisation was also reported.
The combined company will operate under the Six Flags name and would be valued at around $8 billion including debt. It will oversee 42 amusement parks and 9 resort properties in 17 US states, Canada and Mexico.
Cedar Fair president and CEO Richard Zimmerman will serve as the new company’s president and CEO.
In the new statement dated 26 June, Zimmerman said: “With an anticipated pro-forma enterprise value of approximately $8bn, the combined company is well positioned to drive future growth.
“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.”
Six Flags president and CEO Selim Bassoul, who will serve as executive chairman of the new company’s board, said the review process with the DOJ was “very fair and constructive”.
Merger set to close on 1 July
“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,” he said.
Six Flags and Cedar Fair’s new company will be headquartered in Charlotte, North Carolina. It will maintain significant finance and administrative operations in Sandusky, Ohio.
The DOJ’s approval comes after Six Flags shareholders overwhelmingly voted to approve the merger.
Images courtesy of Six Flags and Cedar Fair
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