The purchase price is not being disclosed, according to a news release.
"The Kennywood experience -- as visitors have come to love and expect -- will continue. Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place," Harry Henninger, chairman of Kennywood Entertainment, said in the news release.
"In recent years, we've had talks with other operators wishing to acquire us, but Parques Reunidos is the first one to share our vision and philosophy."
Mr. Henninger added, "This has been a very difficult decision for members of the founding families, now numbering over 100 and residing all over the country."