Bass Pro Shops completes purchase of Cabela’s
Bass Pro Shops’ roughly $4 billion acquisition of rival outdoor retailer Cabela’s was completed Monday.
Cabela’s shareholders are receiving $61.50 per share in the merger. The remaining company will be privately held.
As part of the deal, Cabela’s credit-card unit was sold to Synovus bank, which received $75 million to act as a middleman. Synovus also kept $1.1 billion in deposits before reselling the credit card business to Capital One.
Cabela’s was founded in 1961 when Dick Cabela started selling fishing flies through the mail from his kitchen table with his wife, Mary, and brother, Jim. It operates a story in Fort Oglethorpe.