U.S. signs off on Cabela’s, Bass Pro deal
SIDNEY, Neb. — U.S. antitrust regulators have ended their investigation into Bass Pro Shops’ $4 billion deal to buy Cabela’s, Cabela’s said Wednesday.
The Nebraska chain said the Federal Trade Commission signed off on the deal earlier this week, but banking regulators still haven’t approved one part of the transaction.
Cabela’s shareholders will vote on the deal, which would pay them $61.50 per share, next Tuesday.
Stifel Nicholas analyst Jim Duffy said gaining Federal Trade Commission approval makes it much more likely that the merger will be completed.
In addition to selling Cabela’s stores, website and catalog business to Bass Pro, the company plans to sell its credit-card unit.
Ultimately, the deal calls for the credit-card business to be sold to Capital One. But first a Georgia-based bank named Synovus will buy the unit as a middleman. Synovus will hold on to the credit-card unit’s $1.2 billion in deposits before reselling it to Capital One.
The deal is expected to close later this year. It’s not clear how many of the roughly 2,000 jobs based in Cabela’s hometown of Sidney, Neb., will remain afterward.