The planned merger between Six Flags and Cedar Fair is set to close on July 1, creating a combined company valued at $8 billion including debt. The new entity, Six Flags Entertainment Corporation, will begin trading on the New York Stock Exchange on July 2 under the ticker symbol FUN. The headquarters will be in Charlotte, North Carolina, with significant finance and administrative operations in Sandusky, Ohio, and Six Flags will retain its Arlington, Texas headquarters. The combined company will operate 42 parks and nine resort properties in the U.S., Canada, and Mexico, generating a total revenue of $3.2 billion and $990 million in adjusted EBITDA.
The C-suite of the combined company will be led by Richard Zimmerman as president and CEO, with Selim Bassoul becoming executive chairman. Other key appointments include Tim Fisher as chief operating officer, Brian Witherow as chief financial officer, Brian Nurse as chief legal and compliance officer, Christian Dieckmann as chief strategy officer, and Gary Mick as chief integration officer. The companies anticipate realizing $120 million in administrative and operational cost savings within two years, along with an additional $80 million in annual synergies. They also expect to increase EBITDA by $80 million within three years of the merger.
The new entity will operate more than 50 parks and properties in the U.S., Canada, and Mexico, making it one of the largest amusement park operators in North America. With a combined revenue of $3.2 billion, the company will be well-positioned to capture significant market share in the industry. The merger will also enable the company to streamline operations and enhance efficiency through cost savings and synergies.
The merger marks a significant milestone in the amusement park industry, bringing together two major players to create a more competitive and diversified company. By combining their resources and expertise, Six Flags and Cedar Fair are poised to expand their reach and capitalize on growth opportunities in the market. The consolidation of operations and shared leadership structure will help drive strategic initiatives and drive value for shareholders.
The financial outlook for the combined company is positive, with projected revenue of $3.2 billion and adjusted EBITDA of $990 million based on 2023 numbers. The companies expect to achieve significant cost savings and synergies following the merger, which will contribute to improving profitability and driving long-term growth. With a strong leadership team in place and a solid strategic plan, the new entity is well-positioned for success in the competitive amusement park industry.
Overall, the merger between Six Flags and Cedar Fair is poised to create a powerhouse in the amusement park sector, enabling the combined company to achieve scale, enhance operational efficiency, and drive value creation. With a strong financial foundation and a diversified portfolio of parks and properties, the new entity is well-positioned to capitalize on growth opportunities and deliver value to customers and shareholders alike. As the companies finalize the merger and begin trading as Six Flags Entertainment Corporation, all eyes will be on the new entity as it embarks on its journey to become a leading player in the industry.
