Six Flags Is Selling Valleyfair And Other Parks For $331 Million

Valleyfair is getting a new owner.

Six Flags is selling the Shakopee, Minnesota amusement park along with six other regional theme parks in a $331-million deal.

According to a news release, Six Flags will sell the seven parks to EPR Properties, based in Kansas City, Missouri.

Those parks included in the deal are:

-- Valleyfair (Minneapolis, Minn.)

-- Worlds of Fun (Kansas City, Mo.)

-- Michigan’s Adventure (Grand Rapids, Mich.)

-- Schlitterbahn Waterpark Galveston (Galveston, Texas)

-- Six Flags St. Louis (St. Louis, Mo.)

-- Six Flags Great Escape (Queensbury, N.Y.)

-- Six Flags La Ronde (Montreal, QC)

The seven parks entertained 4.5-million guests last year, generating $260-million in net revenue.

Six Flags will use the cash proceeds of the deal -- after taxes and costs of the transaction -- to pay down debt.

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Six Flags to focus on most promising properties

Six Flags President and CEO John Reilly says the company will focus on the properties that they believe will "generate the strongest returns and offer the greatest long-term upside.”

According to the release, EPR will partner with Enchanted Parks to run the parks. They'll keep the Six Flags brand through the end of this year and guests should see no significant changes during the transition period.

Six Flags will continue to operate its remaining 34 parks across North America.

EPR Properties specializes in experiential properties in the real estate industry -- entertainment centers, casino resorts, outdoor activity lodging, skiing, amusement parks and waterparks, zoos, museums, aquariums, concert and performance venues, as well as fitness centers.