The Department of Justice has given Arlington-based amusement park giant Six Flags the green light to complete its merger with Schlitterbahn Waterpark and Resort owner Cedar Fair.
It was essentially the company’s final obstacle to complete its merger with Cedar Fair. It sets both companies firmly on track to meet its July 1 target date. The new combined company will start trading on the New York Stock Exchange July 2 under Cedar Fair’s ticker, FUN.
The new company will result in a few changes across the board for both companies. Six Flags will be moving its corporate headquarters from Arlington to Charlotte, N.C. and the new company will be largely headed by Cedar Fair executives.
Four out of five people on the company’s Board of Directors will be Cedar Fair executives. The one standout is Gary Mick, Six Flags’ CFO and executive vice president. Selim Bassoul, President and CEO of Six Flags, will become the new company’s executive chairman for its Board of Directors.
“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,” Bassoul said in a press release.
Cedar Fair did not respond to an interview request from The Dallas Morning News at the time of publication.
The new combined company is going to be facing some tough competition across the rest of the country as it tries to keep up with Walt Disney World and Universal Studios. Universal will be opening its $150 million children’s themed resort in Frisco by 2026.
Combining both company’s 42 parks and nine resorts across 17 states will put it in a position to keep widening its net to its customers, the new company’s president and CEO Richard Zimmerman, who is currently serving in the same role for Cedar Fair, said.
“With an anticipated pro-forma enterprise value of approximately $8 billion, the combined company is well positioned to drive future growth,” he said. “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.”