NEW BRAUNFELS, Texas – Cedar Fair Entertainment Company has signed a $261 million definitive agreement to acquire Schlitterbahn Waterpark and Resort in New Braunfels and Galveston.

Schlitterbahn New Braunfels has been voted the "Best Water Park in the World" for 21 consecutive years and is a hot spot to cool off for Texans and travelers alike.

“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Cedar Fair president and CEO Richard Zimmerman.

Cedar Fair owns 13 amusement parks across the U.S. and Canada including Knott's Berry Farm, Carowinds, Cedar Point, Kings Island, Valleyfair and more.

A statement from the Henry family, who owns Schlitterbahn, reads in part: "While it’s a difficult decision, after several challenging years, we believe that our team, communities, guests, and fans are going to enjoy what lies ahead."

The deal comes three years after a 10-year-old boy was decapitated at the Kansas City Schlitterbahn in 2016 on the 17-story Verruck waterslide. Read more on that here.

"We believe Cedar Fair, with their approach to embracing parks that have a unique footprint, will be a phenomenal owner, and with the talented people that are the Schlitterbahn Family, will take Schlitterbahn Waterparks and Resorts to the next level of world-class family entertainment," the Henry family said.

Read the full statement from the Henry family here.

Cedar Fair also has the right to acquire the Kansas City Schlitterbahn as part of the deal.

The transaction is subject to regulatory approval and other customary terms and conditions, and is expected to close during the second quarter of 2019 subject to those approvals and conditions, according to a press release.