Dorney Park’s parent company, Cedar Fair, and Six Flags, the company behind New Jersey’s Great Adventure and other theme parks, have entered an agreement to merge, which is expected to close during the first half of next year.
Ohio-based Cedar Fair and Texas-based Six Flags said in a joint press release Thursday morning that the boards of directors of both companies unanimously approved the merger agreement. Under the agreement, Cedar Fair unit holders will get one share of common stock for each unit owned, and Six Flag shareholders will get .58 share of common stock for each share owned, according to the release.
The deal is valued at about $8 billion, the companies said.
Both companies have minimal market overlap, and also have access to different intellectual properties, such the Peanuts, seen at Dorney Park, and the Looney Tunes and DC Comics properties, seen at Six Flags locations.
The combined company will have 27 amusement parks, 15 water parks and nine resorts in 17 states in the United States, as well as Canada and Mexico, the companies said.
The new company will also have expanded park access to season pass holders, as well as an enhanced combined loyalty program with additional perks, according to the release. The closest Six Flags location to the Lehigh Valley is in Jackson Township, New Jersey, about an hour and a half away from Dorney Park.
Over the last year, both companies have generated roughly $3.4 billion in revenue, they said.
The new company will operate under the Six Flags name and trade under the ticker symbol FUN. It will be headquartered in Charlotte, North Carolina.
Dorney Park, in South Whitehall Township, finished its season Sunday. Its latest roller coaster, the Iron Menace, is currently being built and is expected to open next year.
A Dorney Park spokesperson referred requests for comment to corporate communications.
Source: Berkshire mont
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