Charlotte will soon get a "FUN" new corporate HQ
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The Fury 325 rollercoaster at Carowinds, which is currently owned by Cedar Fair but soon will be part of a new, larger company. Photo: Courtesy of Carowinds
Charlotte will soon be home to another corporate headquarters as Ohio-based Cedar Fair and Texas-based Six Flags merge and relocate the combined company here.
Why it matters: A growing list of prominent corporate headquarters bolsters Charlotte's standing as a major business city, one that employers want to be in because of its workforce, cost of living, climate and other factors.
- The deal creates one of the world's largest amusement park operators at a time when the industry still struggles to recover from a pandemic-induced slump.
Driving the news: The merger of Cedar Fair, which owns and operates Carowinds here, and Six Flags is expected to close July 1, the two companies said in a recent securities filing.
- When the merger is finalized, the combined company will be renamed "Six Flags Entertainment Corporation."
- Trading of the combined company's common stock on the NYSE is expected to begin on July 2 under the ticker "FUN."
Flashback: The companies, which announced the deal last November, described it as a "merger of equals," giving the new entity an enterprise value of $8 billion.
- Cedar Fair has said it will maintain a significant presence in Sandusky, Ohio.
- Outside of Carowinds, Cedar Fair's signature properties include Cedar Point in Ohio, Kings Dominion in Virginia and Six Flags Magic Mountain in California.
Between the lines: When the deal closes, Richard Zimmerman, president and CEO of Cedar Fair, will serve as president and CEO of the combined company. Selim Bassoul, president and CEO of Six Flags, will serve as executive chairman of the combined company's board of directors.
The intrigue: It's unclear where the new corporate offices will be, as well as how many employees will work there. Neither company has said much about the future HQ in Charlotte. Cedar Fair spokesperson Gary Rhodes declined to comment.
- The commerce departments of both North Carolina and South Carolina say they're not involved in the deal.
What they're saying: Mecklenburg County has also not been involved in discussions about the combined company's headquarters in Charlotte, a spokesperson told Axios.
- "The Office of Economic Development ... looks forward to welcoming a new corporate partner that can help diversify the local economy, create employment opportunities, and invest in the community," an emailed statement from the county read.
- "We are confident that (Six Flags Entertainment Corp.) will find our quality of life, talent, and accessibility great assets in attracting the best and the brightest to work in their HQ," Rob Horton, chief marketing and communications officer for the Charlotte Regional Business Alliance said in an email to Axios.