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Amusement Park operator Cedar Fair, whose parks include Kings Dominion in Virginia, will merge with Six Flags Entertainment, whose parks include Six Flags America in Maryland, in an all-stock deal valued at $2 billion.

The companies call the deal a merger of equals. Cedar Fair shareholders will own 51.2% of the combined company, while Six Flags shareholders will own 48.8%. Both companies’ boards have approved the deal. It still needs shareholder approval.

The newly-formed company will operate under the Six Flags name, but adopt Cedar Fair’s New York Stock Exchange ticker symbol “FUN.”

Combined, the company will operate 27 amusement parks, 15 water parks and nine resort properties in the U.S., Canada and Mexico.

Amusement parks had a good summer this year. Six Flags parks drew 9.3 million visitors in the third quarter, up 16% from a year ago. Cedar Fair’s parks had 12.4 million visitors in the third quarter, a 1% increase.

“Six Flags and Cedar Fair share a strong cultural alignment, operating philosophy, and steadfast commitment to providing consumers with thrilling experiences. By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks,” said Six Flags CEO Selim Bassoul.

The companies will retain their intellectual property partnerships with names such as Looney Tunes, DC Comics and Peanuts.

The newly-formed company will be headquartered in Charlotte, North Carolina. Six Flags’ current headquarters is in Arlington, Texas. Cedar Fair is based in Sandusky, Ohio.

Cedar Fair rejected a buyout offer from SeaWorld Entertainment last year. SeaWorld’s parks include Busch Gardens in Williamsburg, Virginia.