Springfield-based Bass Pro Shops closed a nearly $5 billion deal Tuesday to acquire one of the company’s biggest rivals — Nebraska-based Cabela’s.
The deal, in the works for more than a year, brings Cabela’s 82 stores in the U.S. and Canada into the Bass Pro Shops fold. Bass Pro Shops, which is privately-owned, currently has 95 stores in the U.S. and Canada.
On Sept. 7, the Federal Reserve approved the sale of Cabela’s credit card business to the Georgia-based bank Synovus, which will keep $1.2 billion in deposits but resell the business to Capital One.
That cleared the way for Bass Pro to pay $61.50 per share to acquire Cabela’s. According to The Associated Press, Cabela’s shareholders and the Federal Trade Commission already signed off on the deal.
It’s not clear how many of the roughly 2,000 jobs based in Cabela’s hometown of Sidney, Nebraska, will remain after Bass Pro acquires Cabela’s.