Theme park operator Cedar Fair is to be acquired by an affiliate of Apollo Global Management, a leading global alternative asset manager.

The transaction, unanimously approved by Cedar Fair's board, is valued at around US$2.4bn (£1.5bn, 1.7m euro), which includes the refinancing of the company's outstanding indebtedness.

Cedar Fair chair, president and chief executive officer Dick Kinzel, said: "We have considered a wide range of strategic alternatives over the past several years. After considering these strategic alternatives, we have concluded that the transaction with Apollo is in the best interest of our unitholders.

"Apollo has a strong track record of growing businesses, and its desire to add Cedar Fair to its portfolio serves as a testament to our solid business model and the talent of our people."

Aaron Stone, a senior partner at Apollo, said: "We are extremely pleased to be acquiring this premier amusement park operator. We look forward to partnering with Cedar Fair's management team and employees to build on the many strengths of the company. We are firmly committed to Cedar Fair's continued growth as an industry leading amusement park operator."

The merger is conditional upon, among other things, the approval of holders of two-thirds of Cedar Fair's outstanding units, the receipt of regulatory approvals and other closing conditions. Assuming these are satisfactorily met, the transaction is expected to close by the beginning of the second quarter of 2010.

Pic: One of Cedar Fair’s parks, California’s Great America in Santa Clara, CA.