Cedar Fair signed a definitive agreement to acquire Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston in 2019, agreeing to pay more than $260 million for the two properties.

Schlitterbahn Waterparks & Resorts was acquired by Cedar Fair Entertainment Company in June 2019 for approximately $261 million. Following the merger of Cedar Fair and Six Flags in 2024, the parks are now part of the massive Six Flags Entertainment Corporation (the name adopted by the combined entity). The acquisition included the flagship Schlitterbahn New Braunfels and Schlitterbahn Galveston locations in Texas. The Henry family, who founded the original park in 1979, sold the assets following several years of legal and financial challenges. Since the takeover, the new corporate owners have invested millions into "beautifying" the parks, updating the infrastructure, and integrating the Schlitterbahn properties into their global season pass programs. Despite the change in ownership, the parks have maintained their unique "Transportainment" river systems and the iconic German-themed branding that made the New Braunfels location a world-famous destination. In 2026, the parks continue to operate under the Schlitterbahn name, preserving the local heritage while benefiting from the operational scale of one of the world's largest theme park operators.