Six Flags and Cedar Fair’s proposed merger is expected to close soon, both companies have confirmed in their latest financial results.
In March, Six Flags shareholders overwhelmingly voted to approve the merger with fellow amusement park operator Cedar Fair.
Now, Six Flags and Cedar Fair have said the deal is still expected to close in the first half of this year. The same was confirmed in their previous financial results.
In Cedar Fair’s new results, president and CEO Richard Zimmerman said: “We were pleased that Six Flags shareholders overwhelmingly approved the merger-of-equals transaction, which we continue to believe will be completed before the end of the second quarter.
“We were also encouraged that our recent refinancing transactions were very well received by the credit markets, validating the strong financial profile and compelling growth opportunities of the combined company post-closing.”
Cedar Fair and Six Flags continue to work with the U.S. Department of Justice (DOJ) in its review of the merger, Zimmerman said.
“Teams from both companies are also working diligently to complete the initial phases of a joint integration plan that, upon closing of the transaction, will allow us to drive toward realizing the full potential of this strategic combination,” he added.
First-quarter financial results
As for the financial results, Six Flags has reported first-quarter revenue of $133 million, a 6 percent drop from the first quarter of last year. Attendance increased by 6 percent at Six Flags theme parks.
At Cedar Fair, revenue for the first quarter was a record $102m, an increase of 20 percent. Attendance was 1.3 million guests, an increase of 27 percent.
If the merger closes, the combined company would have an enterprise value of around $8 billion and would oversee 42 amusement parks and 9 resort properties in 17 US states, Canada and Mexico.
Images courtesy of Six Flags and Cedar Fair
