Banking regulators sign off on Cabela's sale to Bass Pro

Markets Associated Press

The roughly $4 billion sale of outdoor outfitter Cabela's to rival Bass Pro Shops appears ready to close after regulators approved the sale of Cabela's credit card unit.

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The Federal Reserve said Wednesday it approved the sale of the credit card business to the Georgia-based bank Synovus, which will keep $1.2 billion in deposits but resell the business to Capital One.

That should clear the way for Bass Pro to pay $61.50 per share to acquire Cabela's. Shareholders and the Federal Trade Commission already signed off on the deal.

The deal is expected to close before its Oct. 3 deadline. It's not clear how many of the roughly 2,000 jobs based in Cabela's hometown of Sidney, Nebraska, will remain afterward.

Privately held Bass Pro is based in Springfield, Missouri.