Cedar Fair, Six Flags merge to spur post-pandemic recovery in theme parks
© Reuters. FILE PHOTO: People ride a roller coaster at Six Flags Magic Mountain amusement park on the first day of opening, as the coronavirus disease continues, in Valencia, California, U.S., April 1, 2021. REUTERS/Lucy Nicholson) Entertainment on Thursday agreed to merge to spur a post-pandemic recovery that smaller U.S. amusement park operators have been chasing as leisure spending remains low amid an uncertain economic outlook.
Macquarie analyst Paul Golding said the deal would be"beneficial to shore up ... regional access and pricing arena, potentially leaving only SEAS and the more expensive destination parks outside of a new network".Under the terms of the deal, each Six Flags share will be worth 0.58 shares of the combined company, which values Six Flags at about $2 billion.
The stocks had jumped roughly 6% on Wednesday following a Reuters report that the duo was exploring a potential merger. They have each lost about 10% of their value this year.
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