Bass Pro Shop has acquired Cabela’s in a $4 Billion Deal
At long last, the Cabela’s sale is finally complete. The outdoor retailer was acquired by Bass Pro Shops for a reported $4 billion after a year of negotiation. The Cabela’s credit card has been sold to Synovus Bank, which received $75 million and $1.2 billion in deposits for its role in the sale. Synovus will keep $1.2 billion in deposits but will resell the credit card business to Capital One. Cabela’s shareholders will receive $61.50 per share as part of the merger.
A deep decline in stock price in late 2015 moved Cabela’s into an attempt to restructure its business and operations to reduce expenses. Despite efforts, guest traffic and same-store sales continued to fall. It’s not clear how many of the roughly 2,000 jobs will remain based in Cabela’s hometown of Sidney, Nebraska. It’s been reported that the combined company headquarters will relocate to Springfield, Missouri, where Bass Pro Shops is based.
“We are excited to unite these iconic American brands to better serve our loyal customers and fellow outdoor enthusiasts,” said Bass Pro Shops founder and CEO Johnny Morris. “As we move forward, we are committed to retaining everything customers love about both Bass Pro Shops and Cabela’s by creating a ‘best of the best’ experience that includes 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.”
For more information, visit the Bass Pro Shops website.