Cabela’s is headquartered in Nebraska, and it is not immediately apparent how jobs will be impacted by the acquisition. Cabela’s has been open for 55 years, and has 85 specialty retail stores in the U.S. and Canada.
“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” said Tommy Millner, Cabela’s chief executive officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers.”
The agreement will give Cabela’s shareholders $65.50 per share in cash, according to a company statement.
As part of the deal, Capital One will also take over Cabela's credit card unit. The deal is backed by $1.8 billion from Goldman Sachs, and another $600 million in financing from Pamplona Capital, a private equity fund.
Reporter Ed Richter and the Associated Press contributed to this report.