Kirkland Advises Six Flags on $8 Billion Merger with Cedar Fair

Kirkland & Ellis is advising Six Flags Entertainment Corporation (NYSE: SIX) on its proposed merger of equals with Cedar Fair (NYSE: FUN). The combination of the two amusement park brands was announced November 2, 2023. Based on both companies’ debt and equity values, the enterprise value of the transaction is approximately $8 billion. The combined company will operate under the name Six Flags, will trade under the ticker symbol “FUN” on the NYSE and be headquartered in Charlotte, N.C. The combined company will include 42 amusement parks and nine resort properties.

Following the transaction, Cedar Fair unitholders will own approximately 51.2% of the company with Six Flags shareholders owning the remaining approximately 48.8%. The merger agreement has been unanimously approved by the board of directors of both companies. The merger is expected to close in the first half of 2024 following shareholder approval, regulatory approvals and other customary closing conditions.

The Kirkland team is being led by corporate partners Sarkis Jebejian, Allie Wein and Emily Lichtenheld; debt finance partner Rachael Lichman; capital markets partners Joshua Korff and Tamar Donikyan; and executive compensation partner Stephen Jacobson; with support from corporate partners Shaun Mathew and Evan Johnson and associates Alexandra Gallogly, John Sheridan and Eli Markham; capital markets partner Christie Mok; executive compensation partners Alison Beskin and Lauren Cates and associate Dillon Jones; debt finance partner Osaro Aifuwa and associate Brittany Taylor; tax partners Michael Beinus and Vivek Ratnam; and antitrust & competition partners Andrea Murino and Stephanie Greco.