In a joint announcement on Thursday, Ohio-based Cedar Fair, owner of Dorney Park and Wildwater Kingdom in Allentown, and Six Flags Entertainment Corp., based Texas with theme parks in New Jersey and nationwide, have agreed to a merger.

The combined value of the new company is worth about $8 billion, according to the release.

Under the terms of the merger, Cedar Fair unit holders will receive one share of common stock in the new combined company for each unit owned. Six Flags shareholders will receive .58 shares of common stock in the new combined company for each share owned. Once the transaction is final, Cedar Fair unit holders will own about 51.2%, and Six Flags shareholders will own about 48.8% of the combined company.

The combined company will operate a portfolio of 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada, and Mexico. It will also have entertainment partnerships and a portfolio of intellectual property, such as Looney Tunes, DC Comics and Peanuts.

The deal is expected to be completed during the first half of 2024.