The rumors have been swirling for months, and now the official announcement has been made—Bass Pro Shops will indeed purchase outdoor gear retail competitor Cabela’s.
The companies announced on Monday that Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion. According to the release announcing the acquisition, Bass Pro Shops, headquartered in Springfield, Mo., will “celebrate and grow” the Cabela's brand.
“The essence of both Bass Pro Shops and Cabela’s is a deep passion to serve outdoor enthusiasts and support conservation,” the announcement stated. “The combination brings together three of the nation's premier sporting brands: Cabela’s, a leader in hunting; Bass Pro Shops, a leader in fishing; and White River Marine Group, a worldwide leader in boating, which is part of Bass Pro Shops.”
Bass Pro Shops has nearly 100 stores and 20,000 employees. Cabela's has about 85 stores and about 19,000 employees.