![]() ![]() By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks. “Six Flags and Cedar Fair share a strong cultural alignment, operating philosophy, and steadfast commitment to providing consumers with thrilling experiences. “The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” added Selim Bassoul, President and Chief Executive Officer of Six Flags. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.” 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. ![]() “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. ![]() “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 Richard Zimmerman, President and Chief Executive Officer of Cedar Fair. One business day prior to the close of the transaction, Six Flags will declare a special cash dividend composed of: (i) a fixed amount of $1.00 per outstanding Six Flags share, totaling approximately $85 million in the aggregate, plus, (ii) an amount per outstanding Six Flags share equal to (a) the aggregate per unit distributions declared or paid by Cedar Fair to unitholders with a record date following today’s date and prior to the close of the transaction, multiplied by (b) the Six Flags Exchange Ratio, which special dividend will be payable to Six Flags shareholders of record as of one business day prior to the close of the transaction, contingent on the closing of the transaction. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2%, and Six Flags shareholders will own approximately 48.8%, of the combined company’s fully diluted share capital on a pro forma basis. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, Cedar Fair unitholders will receive one share of common stock in the new combined company for each unit owned, and Six Flags shareholders will receive 0.5800 (the “Six Flags Exchange Ratio”) shares of common stock in the new combined company for each share owned. ![]() The combined company, with a pro forma enterprise value of approximately $8 billion based on both companies’ debt and equity values as of October 31, 2023, will be a leading amusement park operator in the highly competitive leisure space with an expanded and diversified footprint, a more robust operating model and a strong revenue and cash flow generation profile. SANDUSKY, Ohio & ARLINGTON, Texas-(BUSINESS WIRE)-Ĭedar Fair (NYSE: FUN) and Six Flags Entertainment Corporation (NYSE: SIX) today announced that they have entered into a definitive merger agreement to combine in a merger of equals transaction. Strong Financial Profile and Cash Flow Generation Expected to Facilitate Investments in Park Upgrades, Expansions and New, Innovative OfferingsĪpproximately $200 Million of Annual Synergies, Including $120 Million of Cost Savings Anticipated Within Two Years Following CloseĮxpected to be Accretive to EPS for Cedar Fair Unitholders and Six Flags Shareholders within the First 12 Months Following CloseĬompanies to Host Conference Call Today at 8:30 a.m. More Robust Operating Model and Technology Platform to Drive Improved Guest Experience and Park Efficiencies Cedar Fair and Six Flags to Combine in Merger of Equals, Creating a Leading Amusement Park OperatorĬombined Company Will Benefit from Expanded and Complementary Portfolio of 42 Iconic Parks and 9 Resort Properties Across 17 States, Canada and Mexicoĭiversified Geographic Footprint with a More Balanced Presence in Year-Round Operating Climates ![]()
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