WASHINGTON (dpa-AFX) - The $8 billion merger between Six Flags Entertainment Corporation and Cedar Fair was completed, forming the largest amusement park operator in North America on Monday.
The newly combined company now oversees a total of 42 parks across the United States, Canada, and Mexico.
Operating under the name Six Flags Entertainment Corporation, the company will be listed on the New York Stock Exchange under the ticker symbol 'FUN' and will have its headquarters in Charlotte, North Carolina. Additionally, the finance and administrative operations will be primarily based in Sandusky, Ohio.
As per the terms of the merger agreement, Cedar Fair unitholders will receive one share of common stock in the combined company for each unit owned. On the other hand, former Six Flags shareholders will receive 0.5800 shares of common stock in the combined company for each share owned.
The merger is expected to leverage the strengths of both companies, combining Cedar Fair's established reputation for delivering exceptional guest experiences with Six Flags' track record of innovative ride and attraction designs, as stated in a press release from Six Flags Entertainment Corporation.
Under the new leadership structure, Richard Zimmerman, the president and CEO of Cedar Fair, will continue in his role within the combined company, while Selim Bassoul, Six Flags' president and CEO, will assume the position of executive chairman of the Board of Directors.
It was also announced that each park within the combined company's portfolio will maintain its existing branding, with no changes to park names currently being planned or considered.
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