Done deal: Bass Pro Shops completes acquisition of rival
Bass Pro Shops and Cabela's have officially joined forces — finally.
Bass Pro Shops' acquisition of Cabela’s Inc. is complete. The deal, in the works for more than a year, brings together two of the nation's leading outdoor gear and apparel retailers. Bass Pro, a leader in fishing, operates more than 100 retail stores, while Cabela's, which is heavy into hunting, counts 89 locations. Also part of the unified company, which will be privately held, is Bass Pro's White Marine Group boating division.
Bass Pro acquired Cabela’s for $61.50 per share in cash, representing an aggregate transaction value of approximately $5.0 billion. The close of the deal means that Cabela’s common stock is no longer being listed for trading on the New York Stock Exchange.
"We are excited to unite these iconic American brands to better serve our loyal customers and fellow outdoor enthusiasts," said Johnny Morris, founder and CEO of Bass Pro Shops. "As we move forward, we are committed to retaining everything customers love about both Bass Pro Shops and Cabela’s by creating a &lsquobest-of-the-best’ experience that includes the superior products, outstanding customer service and exceptional value our customers have come to expect. We’re also deeply motivated by the potential to significantly advance key conservation initiatives.”
In a posting on its website, Bass Pro said the company will continue to promote its own and the Cabela's brands.
As part of the transaction, Cabela's credit-card unit was sold to Synovus Bank, which received $75 million to act as a middleman. Synovus kept $1.1 billion in deposits before reselling the credit card business to Capital One Bank. Capital One will be the exclusive issuing partner of Cabela’s branded Club Visa program pursuant to a 10-year program agreement.
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