Amusement park operators Six Flags Entertainment Corp., which owns the Six Flags St. Louis amusement park in Eureka, and Cedar Fair completed their planned merger at the start of the month.
The companies started operating under the name Six Flags Entertainment Corp. on July 1, according to a statement released by the company. The merger was announced in November.
Six Flags Entertainment Corp. will operate 27 amusement parks, 15 water parks and nine resort properties in the U.S., Canada and Mexico. According to the release, each park will retain its branding with no name changes currently planned.
“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 Corp. “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.”
On July 2, shares of Six Flags Entertainment Corp.’s common stock began trading on the New York Stock Exchange under the ticker symbol “FUN.”
Cedar Fair stockholders will receive one share of common stock in the combined company for each unit owned, while Six Flags shareholders will receive 0.5800 shares of stock in the combined company for each share owned. Current Cedar Fair stockholders will own about 51.2 percent of the stock in the combined company while current Six Flags stockholders will own about 48.8 percent.
The company’s new board includes six directors from Cedar Fair and six directors from Six Flags. Both company boards voted unanimously last year to approve the merger.
“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, Six Flags Entertainment Corp. president and CEO, in the statement released on July 1.
“Our merger establishes a new Six Flags Entertainment Corporation with a highly diversified footprint and robust operating model, enhancing park offerings and performance through the complementary portfolio of attractive assets and intellectual property from each of Cedar Fair and former Six Flags.”
Zimmerman was the president of CEO of Cedar Fair, which owned Worlds of Fun in Kansas City.