Until now, the metro amusement park was owned by Cedar Fair L.P. -- a Sandusky, Ohio, company specializing in amusement and water parks.
Coast to coast, the company owned 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. But under the terms of a merger agreement, the company is being acquired by Apollo Global Management in a deal valued at around $2.4 billion.
Cedar Fair unitholders will receive $11.50 cash for each Cedar Fair limited partnership unit that they hold.
The $11.50 offer is a good deal for the owners, since it's more than the company is valued at on the market and because previous stories on Cedar Fair have noted the company has been operating at a debt of more than $1.6 billion. Once the merger is complete, the now-public Cedar Fair will become a private company.
Apollo Global Management is a $51 billion private equity company that owns a lot of businesses and has a lot of offices around the world. It's the kind of company that, right this second, probably has a facility buried hundreds of miles underground, filled with scientists working on a gas to turn people into zombies. Test subjects Volunteers will be taken from the Oceans of Fun wave pool. They know what they're doing.
Welcome, new corporate overlords.
Comments (0)