After several snags along the way, outdoor retailer Bass Pro Shops could be one step closer to officially purchasing Cabela’s.
Bass Pro Shops had to smooth out the sale of Cabela’s banking assets before moving forward. Now, Cabela’s Inc. has entered into agreements with Synovus Financial Corp. and Capital One Financial Corporation for the sale of Cabela’s banking assets and liabilities. Synovus will acquire certain assets and deposits totaling $1.2 billion.
The company also announced that merger agreement changed slightly, and Bass Pro Shops will now acquire Cabela’s for $5 billion. The original value was slightly higher.
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Capital One will be the exclusive issuing partner of Cabela’s branded CLUB Visa program, part of a 10-year program agreement. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Neb.
“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, Cabela’s chief executive officer. “We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts.”
Because Cabela’s is a publicly traded company and there are a number of federal regulations that need to be followed to complete the transaction.
“Today’s announcement is an important step forward and we are excited about the opportunity to continue celebrating the great Cabela’s brand with ours as one unified outdoor family for our customers and for conservation,” said Johnny Morris, founder and CEO of Bass Pro Shops.
Both Bass Pro and Cabela’s have a big presence in this region. Cabela’s has a 70,000-square-foot store at 5500 Cornerstone North Blvd., in the Cornerstone at Centerville development off exit 7 of Interstate 675 near Wilmington Pike, and a location in West Chester Twp. The stores employ about 130 employees.
Bass Pro Shops has a location in Forest Fair at 300 Cincinnati Mills Drive and has had plans to build one in West Chester Twp.
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