ARLINGTON, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Executives seeking to finalize a merger between theme park companies Six Flags Entertainment Corp. and Cedar Fair have cleared a major hurdle.
Shareholders for Arlington-based Six Flags voted March 12 to approve the merger. The two companies previously said the deal is expected to close in the first half of 2024.
The two companies unveiled their plan in November. Under the agreement, Cedar Fair shareholders do not get a vote, but the companies must secure regulatory approval before a merger is finalized.
Six Flags operates 27 properties, including Six Flags Over Texas in Arlington and San Antonio’s Fiesta Texas. Cedar Fair’s theme park lineup includes the Schlitterbahn Waterpark & Resort in New Braunfels.
"The merger of Six Flags and Cedar Fair brings promising prospects,” Visit San Antonio President and CEO Marc Anderson said. “Fiesta Texas and Schlitterbahn are already significant visitation magnets for our region. We anticipate the new Six Flags will further contribute to San Antonio's status as a prominent destination for family and leisure travelers.”
If the merger is approved, the new company will take the Six Flags name. Cedar Fair CEO Richard Zimmerman would serve as its chief executive and its headquarters will be in Charlotte, North Carolina, not Arlington.
Earlier this year, the Department of Justice launched a review of the planned merger. At least one veteran industry expert believes an alliance of the two companies could result in a sale of some park properties.
International Theme Park Services Inc. founder and CEO Dennis Speigel expects that the new Six Flags would keep Fiesta Texas and Schlitterbahn in its portfolio.
“I think they're pretty clean in this deal,” he told me.
Six Flags shareholders did not approve a separate proposal regarding compensation for certain executive officers that was tied to the merger.
