Economy

Bass Pro completes $5B purchase of Cabela's

Bass Pro completes $5B purchase of Cabela's”

Bass Pro Shops' $4 billion deal to buy Cabela's, which operates a store in Hamburg, is officially complete, the two companies announced Monday.

Cabela's shareholders will receive $61.50 per share for their stock; Bass Pro is privately owned.

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.

Both companies have a presence in Michigan: Bass Pro Shops' lone store in Michigan is at Great Lakes Crossing Outlets in Auburn Hills; Cabela's has four stores in the state, including its newest location in Chesterfield Township, which opened in August.

The combined company's headquarters will be in Bass Pro's home of Springfield, Missouri.

It's not clear how numerous roughly 2,000 jobs based in Cabela's hometown of Sidney, Neb., will remain afterward. Both companies went on to become industry leaders.

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.

Bass Pro Shops created a website, basspro.com/together that answers many questions about the merger. There is no word yet if there will be any changes to those stores. Also items purchased at one brand may be returned at the other.

Q: Will existing exclusive brands and products still be available at Bass Pro Shops and Cabela's?



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