(WXYZ) — Cedar Point is officially a Six Flags amusement park as Cedar Fair and Six Flags announced today that they have completed the merger that was first announced last year.
In a news release, the newly formed Six Flags Entertainment Corporation announced "the merger of equals" was completed when the stock market closed Monday. The completion of the merger means Cedar Fair and Six Flags' common stock have ceased trading and Six Flags Entertainment Corporation stock will start trading Tuesday under the old Cedar Fair symbol FUN.
Under the agreement, Cedar Fair stock holders will receive one share of stock for each share they owned. Six Flags shareholders will receive .58 shared for each share they owned.
“Today marks a significant milestone for our company, shareholders, guests and associates, unlocking higher value and greater opportunities to deliver engaging entertainment experiences,” said Richard Zimmerman, president and chief executive officer of Six Flags Entertainment Corporation, in a news release. “Our merger establishes a new Six Flags Entertainment Corporation with a highly diversified footprint and robust operating model, enhancing park offerings and performance though the complementary portfolio of attractive assets and intellectual property from each of Cedar Fair and the former Six Flags. The combination also enhances the financial profile of the company 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.”
“We believe that by combining the best ideas and most successful entertainment practices of both Six Flags and Cedar Fair, the new Six Flags can deliver a superior level of joy and excitement that has yet to be experienced by regional park guests,” said Selim Bassoul, executive chairman of the board of directors of Six Flags Entertainment Corporation in a news release. “We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our more extensive entertainment portfolio.”
At this time, the company says their parks will retain their legacy branding. They also say that no changes to park names is currently being "planned or contemplated."
Cedar Fair owned 11 amusement parks including Cedar Point, Canada's Wonderland, Kings Island, Knott's Berry Farm, and Michigan's Adventure.
Six Flags had 27 parks, including Six Flags Great America outside Chicago. They are currently building Six Flags Qiddiya in Saudi Arabia, which will be home to Falcon's Flight, a ride that is said to be the world's faster, tallest, and longest roller coaster, as well as the first to top 500 feet in height, once it is completed.
