Cabela's Now Officially Part of Bass Pro Shops After Merger
Cabela's 82 stores in the U.S. and Canada are now a part of Springfield-based Bass Pro Shops, after the privately-owned hunting-fishing outfitter closed a roughly $4 billion merger Tuesday.
Bass Pro currently has 95 stores in North America. The deal to acquire rival Cabela’s had been in the works for more than a year.
Some operations are expected to remain in Sidney, Nebraska, Cabela’s headquarters, but redundant jobs will likely be consolidated in Springfield, the Associated Press reports. How many of the roughly 2,000 Cabela's jobs will remain is unclear.
Cabela's shareholders are receiving $61.50 per share in the merger. The deal also includes sale of its credit-card unit to Synovus bank, which received $75 million to act as a middleman. According to the AP, Synovus also kept $1.1 billion in deposits before reselling the credit card business to Capital One.
Cabela's was founded in 1961. Johnny Morris founded Bass Pro Shops 10 years later in the back of his father’s liquor store. A replica bait and tackle shop as part of a small history museum opened last week alongside Morris’ Wonders of Wildlife National Museum and Aquarium.
Bass Pro has included answers to several frequently asked questions about the merger on a web page it's dedicated to the acquisition.
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