Six Flags Entertainment Corporation and Cedar Fair, which owns local amusement park Carowinds, said Thursday that they have an agreement to merge. With the merger, the company will relocate its headquarters in Charlotte while its financial operations will stay in Sandusky, Ohio.
The companies are calling the merger — worth $8 billion — a combination of equals.
“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,” Richard Zimmerman, CEO of Cedar Fair, said in a statement.
“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,” he said.
The combined company will be able to save $200 million and generate greater profits from its annual revenue of $3.4 billion.
According to a news release, the combined company will have 42 parks and nine resort properties across 17 states, along with Canada and Mexico.
The merger is expected to be completed in 2024 after Six Flags shareholders approve the move. The new ticker company will use the symbol “FUN” on the New York Stock Exchange.
