Six Flags has entered into an agreement to acquire the rights to five parks owned by EPR properties. The aquisitons will make it the largest waterpark operator in North America and will expand Six Flag's portfolio of North American amusement parks to 25.

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The new parks Six Flags will add to its portfolio include: Wet n’ Wild Splashtown, Houston’s largest waterpark; Wet n’ Wild Phoenix, the largest waterpark in Arizona; Darien Lake near Buffalo, New York, which includes a theme park, waterpark, campground, hotel, and a 21,000-seat amphitheater; Frontier City in Oklahoma, a site featuring a western theme with rides, attractions and shows; and White Water Bay, near Frontier City, a waterpark with 25 acres of waterslides, interactive water play areas and pools.

Ticker Security Last Change Change % SIX SIX FLAGS ENTERTAINMENT 21.38 -0.87 -3.91%

“Today’s announcement represents another milestone in our strategic North-American growth initiative to seek out park acquisitions that expand our addressable market,” Six Flags Chairman, CEO and President Jim Reid-Anderson said in a statement.

Six Flags shares are down almost 4% year-to-date. In December, the company announced it would increase its dividend for the first quarter, attributing the higher payout to shareholders to improved cash flow, with the company poised to “benefit greatly” from tax reform.