George S. May Business Blog

Apollo Management buys Cedar Fair, L.P.

Amusement park operator Cedar Fair, L.P. will be acquired by the private equity firm Apollo Management. News came late Wednesday that Apollo will throw $635 million to buy Cedar Fair in a deal that is estimated to be worth around $2.4 billion; Cedar Fair is said to have a sizeable debt tha will need to be refinanced by Apollo.

Cedar Fair’s shareholders will recieve $11.50 per share,  a 28% premium over the stock’s Wednesday closing price of $9.08.

The deal is still contingent upon regulatory and shareholder approvas. No timetable has been given for its completion.

Cedar Fair shares rose $2.20, or +24%, in premarket trading Thursday.

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