Six Flags merged with a rival amusement park, Cedar Fair.

Six Flags merged with a rival amusement park, Cedar Fair.

Six Flags, an amusement park corporation, is merging with its rival Cedar Fair in an $8 billion deal, the two companies announced on Thursday,

Together, they will operate 27 amusement parks, 15 water parks and nine resort properties in North America. The companies estimated in a statement that the combination of the companies would generate revenues of more than $3 billion.

“The combination of Six Flags and Cedar Fair will redefine the amusement park experience for our guests as we combine the best of both companies,” said Selim Basoul, Chairman and Chief Executive Officer of Six Flags.

Cedar Fair operates popular parks such as Carowinds in Charlotte, NC; Kings Dominion in Doswell, VA; and Canada’s Wonderland in Ontario. Its parks had more than 12 million visitors in the third quarter of this year, and Six Flags had more than 9 million visitors.

The deal comes after years of financial challenges for Six Flags. The company saw its share price fall in 2020 after it said it had defaulted on its payments for planned projects in China. Those plans were canceled in February 2020, amid the outbreak of the COVID-19 pandemic.

The company’s shares closed higher by more than 6 percent on Thursday.

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