Amusement park companies Cedar Fair and Arvin RobertsSix Flags Entertainment Corporation announced Thursday they will merge into a combined company worth around $8 billion.

The merger will make the new company a "leading amusement park operator in the highly competitive leisure space," according to a release from Cedar Fair.

The new combined company will be one of the largest in the theme park businesses in North America. Together, Cedar Fair and Six Flags currently control 27 amusement parks, 15 water parks and nine resort properties in 17 states spread across the U.S. and in Canada and Mexico.

In addition to Cedar Point, the Sandusky, Ohio-based Cedar Fair also operates other theme parks, including Knott's Berry Farm in Buena Park, California and King's Island in Mason, Ohio.

Six Flags operates its flagship theme parks across the U.S., including in Arlington, Texas, Valencia, California and Jackson, New Jersey.

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Under the terms of the merger agreement, Cedar Fair shareholders will own around 51.2% of the company, and Six Flags Shareholders will own around 48.8%. The combined company will also have various entertainment partnerships and the intellectual property rights to Looney Tunes, DC Comics and Peanuts, to name a few.

After the deal is closed, Richard Zimmerman, the president and chief executive officer of Cedar Fair, will become president and CEO of the combined company, and current Six Flags President and CEO Selim Bassoul will serve as Executive Chairman of the combined company's Board of Directors.