Report: Apollo To Buy Cedar Fair

Apollo Management is nearing a deal to acquire Sandusky, Ohio-based theme park operator Cedar Fair Entertainment (NYSE: FUN), according to the Wall Street Journal. The deal would be valued at approximately $2.3 billion, including the assumption of around $1.6 billion in debt.

Cedar Fair owns 11 North American theme parks, including Knott’s Berry Farm in Los Angeles. Net revenue for nine months ending Sept. 27, 2009 were $810.5 million, down from $877 million a year earlier (a priod with 25 fewer operating days). Net income decreased to $61.7 million.