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Executives finalizing a merger between theme park companies Six Flags Entertainment and Cedar Fair have overcome a major hurdle.
Arlington-based Six Flags' shareholders voted March 12 to approve the merger. The companies previously said the deal was expected to close in the first half of 2024.
The two companies announced their plans in November. Under the agreement, Cedar Fair shareholders have no voting rights, but the companies must obtain regulatory approval before the merger can be completed.
Six Flags operates 27 properties, including Six Flags Over Texas in Arlington and Fiesta Texas in San Antonio. Cedar Fair's lineup of theme parks includes Schlitterbahn Waterpark & Resort in New Braunfels;
“The combination of Six Flags and Cedar Fair offers promising prospects,” said Mark Anderson, President and CEO of Visit San Antonio. “Fiesta Texas and Schlitterbahn are already important to our region. “We hope the new Six Flags will further contribute to the growth of San Antonio.” It has established itself as an important destination for families and leisure travelers. ”
If the merger is approved, the new company will be named Six Flags. Cedar Fair CEO Richard Zimmerman will serve as chief executive officer, and the company will be headquartered in Charlotte, North Carolina, rather than Arlington.
Earlier this year, the Justice Department began reviewing the proposed merger. At least one veteran industry expert believes a partnership between the two companies could result in the sale of some park assets.
Dennis Spigel, founder and CEO of International Theme Park Services Inc., expects the new Six Flags will keep Fiesta Texas and Schlitterbahn in the company's portfolio.
“I think they're pretty clean on this deal,” he told me.
Six Flags shareholders did not approve a separate proposal regarding the compensation of certain executive officers as a result of the merger.
