Six Flags shareholders have overwhelmingly voted to approve the company’s proposed merger with fellow amusement park operator Cedar Fair.
Six Flags announced the results last week in a filing with the U.S. Securities and Exchange Commission. The merger passed by a vote of 67,360,372 to 195,471. Cedar Fair was not involved in the vote.
If the merger does go through, the combined company would have an enterprise value of around $8 billion and would look after 42 amusement parks and 9 resort properties in 17 US states, Canada and Mexico.
The merger is expected to close in the first half of this year, Six Flags and Cedar Fair said in separate statements alongside their recent financial results.
Cedar Fair and Six Flags noted $22 million and $15 million of transaction costs respectively in 2023 related to the merger.
Federal regulatory approval is needed before the merger is finalised. The U.S. Department of Justice is reviewing the deal.
“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, Cedar Fair’s president and CEO, said in January.
Combined compay to oversee 42 parks
“Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests.”
Selim Bassoul, Six Flags’ president and CEO, said: “The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies.
“Six Flags and Cedar Fair share a strong cultural alignment, operating philosophy, and steadfast commitment to providing consumers with thrilling experiences.”
The new company would operate under the name Six Flags. It would be headquartered in Charlotte, North Carolina, and would maintain significant finance and administrative operations in Sandusky, Ohio.
Images courtesy of Cedar Fair and Six Flags
